In Chicago, a former Merrill Lynch broker recently admitted guilt to wire fraud, recognizing stealing over $3 Million from various clients to fund his lavish lifestyle.
Former Broker Accused Of Making Roughly 200 Wire Transfers
Marcus Boggs, 51, entered the plea before U.S. District Judge Mary M. Rowland in the Northern District of Illinois last Friday, March 19 — facing a maximum sentence of 20 years.
Based on court documents, Mr. Boggs managed over $40 Million in assets for more than 70 clients while a Merrill Lynch broker.
Merrill Lynch Compensated $7.5M To Victims
The ex-broker, who spent his entire 12-year brokerage career with the firm, was first charged in August 2019 when he was detained at O'Hare International Airport in Chicago trying to board an international flight to Germany.
He is accused of making roughly 200 wire transfers to his American Express account from multiple client accounts between 2016 and 2018.
Merrill recently issued a statement that explained they fired Mr. Boggs and fully cooperated with federal and regulatory investigations once they realized what was going on. The firm also said it had compensated all of Mr. Boggs's victims to the tune of more than $7.5 Million in settlements.
Marcus Boggs Was Permanently Barred By The SEC
Shainne Sharp, one of the victims who collected $5 Million in a 2014 settlement after being wrongfully convicted of murder, turned to Mr. Boggs to handle his money. He said he hired the broker to ensure that he had "enough funds to sustain him for the rest of his life." Instead, about $815,000 disappeared from his account.
According to BrokerCheck, Merrill officially fired Marcus Boggs in December 2018 for illicit conduct, including withdrawing money from customer's accounts without their consent.
The Financial Industry Regulatory Authority (FINRA) barred the former broker in January 2019. And, later in February 2020, Mr. Boggs was permanently barred by the Securities and Exchange Commission (SEC) from the industry.
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