SEC Bars Former Merrill Lynch Executive Marcus Boggs for Misappropriation



FINRA suspended Boggs’s membership in 2019 for the same reason.Merrill Lynch employed Marcus Boggs (CRD#: 5055667) from 2006 through 2018.

Marcus Boggs Misappropriation

Marcus Boggs was fired from Merrill Lynch in December 2018 for making unauthorized withdrawals from client accounts. Boggs was let off after being implicated in a customer lawsuit that was resolved for more than $1 million. The customer claimed that their bank account had been used to make fraudulent electronic funds transfers to an American Express account.

After Boggs was let go, three further disputes were filed against him, all of which involved unauthorized withdrawals of money from the customers’ accounts. The total amount paid to end the three lawsuits is more than $4 million. After failing to answer FINRA’s request for information in January 2019, Boggs was permanently barred from associating with any FINRA member in any capacity.

Marcus Boggs was implicated in another customer dispute in February 2019 over allegedly unauthorized withdrawals from their account. The parties agreed to a $930,778.29 settlement. The United States Attorney’s Office for the Northern District of Illinois opened a fraud investigation into Boggs in December 2019, looking into whether he intentionally misled clients by using their money for his own purposes.

The Securities and Exchange Commission filed charges against Boggs in August 2019, accusing him of stealing more than $1.7 million from at least three clients. According to the complaint, Boggs made around 200 fraudulent wire transfers from his clients’ accounts to his own American Express account.

Boggs was accused of fraud in January 2020 when it came to the account of another customer. Around $500,000 was paid to end the case. Boggs was legally prohibited from working as a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO in February 2020 by the Securities and Exchange Commission. Boggs is also being investigated for fraud, which might lead to more criminal charges.

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