SEC charges Chicago Financial Adviser with $1.7 Million Fraud

Posted on August 30th, 2019 at 3:57 PM
SEC charges Chicago Financial Adviser with $1.7 Million Fraud

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Securities and Exchange Commission ("SEC") charges Marcus Boggs, a former Chicago investment adviser at the Chicago office of Merrill Lynch, with stealing over $1.7 million from at least three of his clients.

According to the SEC's complaint, between 2016 and 2018, Boggs made more than 200 illegal transfers from three advisory clients' accounts to pay for his personal and massive credit card purchases. The complaint alleges that Boggs misappropriated his clients' money by selling securities in their advisory accounts without his clients' knowledge. He then transferred the proceeds to his credit card account. During the period of the scheme, Boggs vacationed in Europe, South Africa, Canada, and the Caribbean, staying in luxury hotels, according to the complaint. He stole over $1.7 million and made hundreds of unauthorized payments to his credit card account.

According to Boggs's BrokerCheck profile, he worked at Merrill Lynch between March 2006 and December 2018. In that role, Boggs managed over $40 million in assets held by more than 70 clients and presented himself to Chicago's wealthy philanthropic community as a successful financial services professional.

According to the BrokerCheck, Boggs has five disclosures listed on his profile, including three customer disputes that he settled. Also, the Financial Industry Regulatory Authority ("FINRA") barred Boggs from acting as a broker or otherwise associating with a broker-dealer firm. Boggs also faces criminal charges of wire fraud.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, sec, fraud, merrill lynch, marcus boggs, brokercheck

Return to Archive

TESTIMONIALS

Previous
Next

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.