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Can I Recover Losses Due to Investments with Former Merrill Lynch Broker Marcus Boggs?

Posted on Tuesday, November 5th, 2019 at 11:29 am    

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Did you lose money investing with former Merrill Lynch broker Marcus Boggs (CRD# 5055667)? Boggs was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Chicago, Illinois from 2006 to 2018, when he was terminated regarding, “Conduct including withdrawal of funds from client accounts without their knowledge or approval.”

In February 2020, the Securities and Exchange Commission (SEC) barred Boggs alleging, “that from 2016 to 2018, Boggs stole more than $1.7 million from at least three of his investment advisory clients; that 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; and that Boggs made more than 200 illegal transfers from three investment advisory clients’ accounts to pay for his credit card purchases.”

In December 2019, the United States Attorney’s office for the Northern District of Illinois opened an investigation into Boggs related alleging that he “knowingly defrauding clients by misappropriating funds to pay his personal expenses.”

In August 2019, the SEC filed a complaint against Boggs alleging that between 2016 and 2018, Boggs stole more than $1.7 million from at least three of his advisory clients. According to the complaint, Boss misappropriated his clients’ money by selling securities in their advisory accounts and then transferring the proceeds to his personal credit card account. It is alleged that Boggs made more than 200 illegal transfers from three advisory clients’ accounts to pay for his credit card purchases. According to the complaint, “Boggs presented himself as a successful investment adviser and financial services professional. He managed more than $40 million in assets held by more than 70 clients. Boggs was an active member of Chicago’s philanthropic community, and regularly attended a variety of fundraising events for prominent Chicago cultural institutions. This allowed Boggs to present himself as a socially-minded financial professional, mingle with wealthy individuals, and have a platform for meeting potential clients.”

In January 2019, FINRA barred Boggs after he failed to respond to FINRA request for information.

Boggs has been the subject of six customer complaints between 2018 and 2020, according to his CRD report:

January 2020. “Firm proactively reached out to client and presented possible fraudulent withdrawals from client’s account. Client confirmed charges in the amount of $202,431.21 were not authorized.” The customer sought $202,431.21 in damages and the case was settled for $498,835.18.

February 2019. “Firm proactively reached out to client and presented possible fraudulent withdrawals from client’s account. Client confirmed charges in the amount of $545,813.21 were not authorized.” The customer sought $545,813.21 in damages and the case was settled for $930,778.29.

December 2018. “Firm proactively reached out to client and presented possible fraudulent withdrawals from client’s account. Client confirmed charges in the amount of $133,285.82 were not authorized.” The customer sought $133,285.82 in damages and the case was settled for $275,413.22.

December 2018. “Client alleges unauthorized ACH transfers made to an American Express account from the Client’s account.” The case was settled for $3,795,507.61. This case was regarding a non broker-dealer affiliated product.

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 case was settled for $801,121.51. This case was regarding a non broker-dealer affiliated product.

November 2018. “Client alleges there were unauthorized ACH transfers made to an American Express account from the Customer’s account.” The case was settled for $1,005,169.59. This case was regarding a non broker-dealer affiliated product.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Merrill Lynch may be liable for investment or other losses suffered by Boggs’ customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.