Former Merrill Lynch Financial Advisor, Marcus Boggs, Barred By FINRA After Failing To Cooperate In Investigation
Marcus Boggs (CRD # 5055667) was a Financial Advisor at Merrill Lynch in Chicago, Illinois. Marcus Boggs has been in the securities industry since 2006 and has spent the entirety of that time period with Merrill Lynch.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 11, 2019, FINRA sanctioned Marcus Boggs, barring him indefinitely from the securities industry after he failed to comply with a request for information as part of an investigation being conducted by FINRA. This investigation prompted the Securities and Exchange Commission (SEC) filing a complaint against Marcus Boggs on August 23, 2019, alleging, “Boggs stole more than $1.7 million from at least three of his advisory clients. Without his clients’ knowledge or authorization, Boggs misappropriated his clients’ money by selling securities in their advisory accounts and then transferring the proceeds to his personal credit card account. Boggs made more than 200 illegal transfers from three advisory clients’ accounts to pay for his massive credit card purchases.”
In addition to these regulatory infraction, Marcus Boggs has been the subject of related customer complaints, including the following:
- December 2018—”Client alleges unauthorized ACH transfers made to an American Express account from the Client’s account.” The matter was settled for $3.78 million.
- December 2018—”Through an internal investigation, it was found that there were unauthorized ACH transfers made to an American Express account from the customer’s account.” The matter was settled for $801,121.
- November 2018—”
Client alleges there were unauthorized ACH transfers made to an American Express account from the Customer’s account.” The matter was settled for $1 million.
For a copy of Marcus Boggs’ CRD, click https://brokercheck.finra.org/individual/summary/5055667#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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