Marcus E. Boggs of Chicago Illinois a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $44,731.77 in damages on October 21, 2020 founded on accusations of “unauthorized charges” in the customer’s account during the time that Boggs was associated with Merrill Lynch. In fact, Bogg has been charged with stealing more than $1.7 million from at least three of his clients.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Boggs has been identified in six more customer initiated investment related disputes containing allegations of his improper actions when associated with Merrill Lynch. On January 15, 2019, a customer initiated investment related complaint concerning Boggs’s activities was resolved for $801,121.51 in damages supported by allegations that Boggs effected unauthorized transactions in the customer’s account at Merrill Lynch.
On January 16, 2019, another customer initiated investment related complaint regarding Boggs’s conduct was settled for $323,162.22 in damages based upon allegations of fraudulent withdrawals by Boggs. On February 6, 2019, a different customer initiated investment related complaint involving Boggs’s conduct was settled for $1,005,169.59 in damages based upon accusations that unauthorized ACH transfers had been made from the customer’s account.
Boggs is also the subject of a customer initiated investment related complaint which was settled for $3,795,507.61 in damages on March 14, 2019 founded on accusations of unauthorized transactions by the stockbroker which caused damages to the Merrill Lynch customer. Boggs is referenced in another customer initiated investment related complaint which was settled for $1,101,660.29 in damages on October 22, 2020 supported by accusations that the customer had not authorized Boggs’s transactions.
Boggs has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to respond to FINRA’s request for information about his activities. Case No. 2018060891101 (Apr. 15, 2019). The stockbroker was initially placed under suspension by FINRA for failing to respond. He failed to seek the termination of that suspension by an April 14, 2019 deadline.
He has also been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative based upon allegations that Boggs stole at least $1,700,000.00 from his customers. In the Matter of Marcus Boggs Administrative Proceeding File No. 3-19703 (Mar. 16, 2020). SEC contends that between 2016 and 2018, investors’ funds were taken without their knowledge or authorization. Boggs allegedly sold the investments that customers maintained in advisory accounts, and placed the proceeds on his credit card account. SEC claims that the stockbroker executed 200 illicit transfers so he could pay for credit card purchases.
Prior to SEC’s Order, Boggs was enjoined from violating Securities Exchange Act of 1934 Section 10(b), Securities Act of 1933 Section 17(a), and Investment Advisers Act Sections 206(1) and 206(2). Securities and Exchange Commission v. Marcus Boggs Civil Action No. 1:19-cv-5672 (Dec. 18, 2019).
Boggs has also been charged with defrauding investors in violation of 18 USC Section 1343. Criminal Action No. 19-CR-659 (Dec. 20, 2019).
Boggs was registered with Merrill Lynch between February 7, 2006 and December 18, 2018.
