Former Chicago Stockbroker Defrauded Customers To Fund Luxury Lifestyle
Marcus E. Boggs, an ex-Merrill Lynch, Pierce, Fenner & Smith registered representative, has pleaded guilty to wire fraud in the federal criminal case accusing him of defrauding former customers of $3M. The ex-Chicago financial advisor admitted to using the money to fund his lavish lifestyle. He faces up to 20 years in prison and will be sentenced in June.
Boggs spent his entire 12 years in the industry working for Merrill Lynch. Also a former registered investment advisor, he has 13 disclosures on his BrokerCheck, including bars from the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in 2019 and 2020, respectively.
Merrill Lynch fired Boggs in 2018 after finding that he took money out of customers’ accounts without their permission or knowledge. The broker-dealer says it has paid $7.5M in settlements to those that were harmed.
Our stockbroker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have been looking into investment losses sustained by former clients of Merrill Lynch broker Marcus Boggs. Contact SSEK Law Firm so that we can help you explore your legal options.
To speak with one of our Chicago investment fraud attorneys call (312) 462-4176. Elsewhere in the US call (800) 259-9010.
Customer Disputes in Marcus Boggs’ BrokerCheck
The former Merrill Lynch financial advisor had several customer dispute claims on his record that alleged a range of securities fraud acts such as unauthorized withdrawals and transfers. The latest dispute brought against Marcus Boggs was in the latter half of 2020.
- 10/2020: Losses from unauthorized withdrawals resulted in a nearly $45K settlement.
- 1/2020: This fraudulent withdrawal claim was settled for nearly $499K.
- 2/2019: This customer initially requested nearly $546K in damages for fraudulent withdrawals made. The investor fraud case was settled for $1.1M.
- 2/2018: For the more than $133K in unauthorized withdrawals sustained, a $323K settlement was reached with the claimant.
- 12/2018: After alleging unauthorized transfers, the customer settled for nearly $3.8M.
- 12/2018: Unauthorized transfers allegations ended in an $801K settlement for this claimant.
- 11/2018: This customer settled their unauthorized transfers case for over $1M.
Court documents note that at one point Marcus Boggs oversaw more than $44M in assets for over 70 Merrill Lynch clients. The criminal case against Boggs contends that he made 200 wire transfers from customers’ accounts to his account between 2016 and 2018. He was arrested in 2019 after appearing to try to flee the country.
Recoup Your Losses With Our Chicago Securities Law Firm
Recovering financial losses incurred as a result of broker fraud or negligence can be difficult without legal representation. Our securities fraud law firm has worked with thousands of investors from all over the United States and fought cases against some of the largest firms on Wall Street.
Allow our Chicago broker fraud attorneys at SSEK Law Firm to offer you a free, no-obligation case consultation. Call us today at (312) 462-4176 or contact us online.