Investment Advisor Allegedly Defrauded Senior Investors to Fund Lavish Lifestyle
The US Securities and Exchange Commission (SEC) has filed charges against Mark Joseph Boucher, a California-based investment adviser, and his firm, Strategic Wealth Advisor Group Services.
Boucher and Strategic Wealth Advisor Group are accused of stealing $2.2M from older customers, including one who had died. Now, the regulator wants permanent injunctions, civil penalties, and disgorgement with prejudgment interest.
Boucher is accused of engaging in a multi-year fraud that went on between December 2010 and July 2020. He is the owner and only financial advisor of Strategic Wealth Adviser Group. He also was registered with two investment advisory firms for most of the period at issue. One of the firms, SFC Investment Advisors Inc., fired him last year for stealing money from clients.
Shepherd Smith Edward and Kantas (SSEK Law Firm) is investigating allegations of broker fraud involving Boucher. If you suffered financial harm because you or someone you love worked with Mark Boucher as an investment advisor, contact SSEK Law Firm today.
Former Customer of Boucher’s Recently Settled Fraud Claim for Over $500K
Since July 2019, Boucher and his firm have provided investment advice to about 50 clients, managing about $12.3M of their funds. A recent stockbroker fraud claim against him was settled earlier this year for nearly $543K.
According to the SEC’s complaint, Boucher misappropriated over $2M from the bank and advisory accounts of three investment advisory clients, including:
- A widow in her sixties from whom he allegedly misappropriated $669,000
- One deceased client’s trust that he stole more than $1.5M from, and a third client from whom he took $60K to buy a Camaro. He later sold that car to the same client for $52K.
- Boucher is accused of using customers’ funds to pay credit card bills, cover living expenses, and travel on expensive vacations.
- He allegedly forged one client’s signature on checks, pretended to be a customer to authorize a wire transfer, and forged a letter from the deceased client to hide his fraud from the SEC.
According to his FINRA BrokerCheck record, Mark Boucher has worked 24 years in the industry. He also used to be a registered broker and at different points was employed by Raymond James Financial (RJF), Linsco/Private Ledger Corp., NYLife Securities, Pruco Securities Corp., and the Prudential Insurance Co. of America.
Contact Our Broker Fraud Attorneys
If you have suffered financial losses as a result of working with Mark Boucher and the firm, Strategic Wealth Advisor Group, contact our elder investor fraud lawyers at SSEK Law Firm today. We work with senior investors from all over the United States and help them recover what is rightfully theirs.
Receive a free case consultation with our broker fraud attorneys today by calling us at (800) 259-9010.