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MARCUS BOGGS of Merrill Lynch Ordered to Pay $3 Million Back to Customers
CHICAGO, ILLINOIS
Have you lost money with financial advisor Marcus E. Boggs, formerly of Merrill Lynch in Chicago, Illinois? We are continuing to look into allegations made Boggs, who was recently sentenced to 3.5 years in prison and ordered to pay back $3 million in restitution. Boggs told investors he would invest their money but instead spent it on personal expenses.
In 2019, the Securities and Exchange Commission (SEC) brought a regulatory action against Marcus Boggs. The SEC alleged that Boggs stole $1.7 million out of his customers’ accounts at his former brokerage firm, Merrill Lynch.
Marcus Boggs was a financial advisor and registered representative of Merrill Lynch from February 2006 to December 2018. He worked at a branch office in Chicago, Illinois. Merrill Lynch has already paid over $5.5 million to settle claims filed by Boggs’ former customers.
Brokerage firms like Merrill Lynch have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration in all 50 states, including over 150 investors in the past from throughout the Chicagoland area, Northern Illinois, and Central Illinois.
Attorney David Neuman was born in Berwyn, Illinois and grew up in the western suburbs in Addison. He earned a degree in Finance at the University of Illinois in Urbana-Champaign before earning his law degree at Northern Illinois University in DeKalb. Mr. Neuman also previously worked for a number of Chicago area law firms, including firms in St. Charles, Geneva, Chicago, and Barrington.
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