Marcus Boggs, Formerly of Merrill Lynch, Barred by SEC Following Allegations of Misappropriation

Boggs was previously barred by FINRA in 2019 for the same misconduct.

The Sonn Law Group is investigating allegations that Marcus Boggs misappropriated funds. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Marcus Boggs (CRD#: 5055667) was employed by Merrill Lynch from 2006 until 2018. In December 2018, Boggs was discharged from Merrill Lynch for withdrawing client funds without their knowledge or approval.

The termination occurred after Boggs was named in a customer dispute that was settled for over $1 million. The client alleged that there were unauthorized ACH transfers made to an American Express account from their own account. 

After his termination, Boggs was the subject of three more customer disputes all alleging that funds had been withdrawn from their account by Boggs without their authorization. All three of the disputes were settled for a combined total of over $4 million. 

In January 2019, FINRA barred Boggs from associating with any FINRA member in any capacity after he failed to respond to their request for information. In February 2019, Boggs was named in another customer dispute alleging fraudulent withdrawals in their account. The matter was settled for $930,778.29. In December 2019, the U.S. Attorney’s Office for the Northern District of Illinois initiated an investigation relating to whether Boggs knowingly defrauded clients by misappropriating funds to pay his personal expenses. 

In August of 2019, the SEC filed charges against Boggs alleging that he stole more than $1.7 million from at least three different clients. The complaint alleged that Boggs made approximately 200 unauthorized wire transfers, used to send money from clients’ accounts to his own American Express account. 

In January 2020, Boggs was named in another customer dispute alleging that he made fraudulent withdrawals from their account. The matter was settled for approximately $500,000. 

In February 2020, the SEC officially barred Boggs from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO. Boggs also has a pending criminal charge for allegedly committing fraud.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Marcus Boggs misappropriated client funds. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.