Marcus E. Boggs of Chicago Illinois a stockbroker registered with Merrill Lynch Pierce Fenner Smith Incorporated has been barred from being a stockbroker or investment adviser representative or associating with securities broker dealers or investment advisories based upon a Securities and Exchange Commission (SEC) Order based upon allegations of Boggs stealing $1.7 million investor funds. In the Matter of Marcus Boggs Administrative Proceeding File No. 3-19703 (Marc. 16, 2020).
Boggs is the subject of a judgement on December 18, 2019 in which he was permanently enjoined from committing securities fraud in violation of federal securities laws including Securities Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5 as well as Securities Act of 1933 Section 17(a) and Investment Advisers Act Section 206. Civil Action No. 1:19-CV-5672 (N.D. Ill. Dec. 18, 2019).
SEC alleged in the Complaint that Boggs had taken upwards of $1,700,000.00 from his customers without their consent. SEC also indicated that customers’ funds had been misappropriated. Customers’ advisory account funds had allegedly been used by Boggs to pay for his credit card bills. SEC claimed that two hundred illegal transfers had been executed by Boggs from 2016 to 2018.
On December 19, 2019, Boggs was the subject of a Grand jury indictment relating to him committing fraud through his misappropriation of customer funds. Criminal Action No. 19-CR-659 (N.D. Ill. Dec. 19, 2019).
Boggs has also been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon allegations that the stockbroker neglected to respond to the regulator’s request for information about his activities. FINRA Case No. 2018060891101 (Apr. 15, 2019).
FINRA Public Disclosure confirms that Boggs has been identified in six customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Merrill Lynch. On January 15, 2019, a customer initiated investment related complaint concerning Boggs’ activities was resolved for $801,121.51 in damages founded on accusations that ACH transfers were executed by Boggs without the customer’s permission during the time that the stockbroker was employed by Merrill Lynch.
On February 6, 2019, a customer initiated investment related complaint pertaining to Boggs’ conduct was settled for $1,005,169.59 in damages supported by allegations that funds were taken by Boggs from the customer’s Merrill Lynch account to pay his American Express bill without the customer’s consent.
Boggs is also referenced in a customer initiated investment related complaint which was resolved on March 14, 2019 for $3,795,507.61 in damages based upon accusations that trades were effected without the customer’s approval during the period in which Boggs was associated with Merrill Lynch. On February 20, 2020, a customer initiated investment related complaint involving Boggs’ conduct was settled for $498,835.18 in damages based upon allegations of unauthorized and potentially fraudulent withdrawals effected by Boggs from the customer’s account.
Boggs’ employment with Merrill Lynch was terminated on December 18, 2018.