Marcus Boggs, Formerly with Merrill, Charged in Theft

MARCUS E BOGGS (Marcus Boggs) (CRD#: 5055667), a 49 years-old former senior financial advisor with Merrill Lynch, was charged on August 27, 2019, with defrauding clients out of approximately $3 million. According to news reports one of the clients had received a $5 million payout for a wrongful conviction of murder and rape. Known as one of the Dixmoor Five, Shainnie Sharp spent years at the center of one of the most notorious wrongful conviction cases. He was exonerated in 2011 after DNA evidence pointed to a known sex offender. The $5 million legal settlement was supposed to help compensate him for the decade he spent behind bars. But, according to the Chicago Tribune, Sharp was allegedly victimized all over again when Marcus Boggs allegedly swindled him out of his settlement to fund his own personal lavish life style.
A federal judge refused to release Marcus Boggs after he was arrested by the FBI at Chicago’s O’Hare Airport with a one-way ticket to Germany, according to news reports.
The SEC had accused Marcus Boggs last week of stealing more than $1.7 million from three of his clients.
According to BrokerCheck reports, Merrill Lynch reimbursed three clients a total of $5.6 million in compensation in November and December, who were targets of Boggs’ scheme.  This involved the alleged selling of securities in client accounts without authorization and then transferring the money to his own personal credit card. The complaint alleges that from 2009 to 2018, Marcus Boggs used the victims’ accounts to make 244 payments totaling $1.93 million to his American Express card to cover charges for his own personal expenses, including airfare, restaurants, hotels, etc. and other funds were diverted to pay his personal mortgage.
According to FINRA’s BrokerCheck, Merrill Lynch, Pierce, Fenner & Smith Inc., discharged Marcus Boggs on Dec. 10, 2018, following allegations of, “Conduct including withdrawal of funds from client accounts without their knowledge or approval.”
On January 11, 2019, FINRA barred Marcus Boggs from acting as a broker or otherwise associating with a broker-dealer firm. Boggs had been registered in the securities industry for 12 years and listed with only the following firm:
02/07/2006 - 12/18/2018  Merrill Lynch, Pierce, Fenner & Smith Inc. - Chicago, IL 
If you were also a victim of the former financial advisor at Merrill Lynch, Pierce, Fenner & Smith Inc. of Chicago, IL, Marcus Boggs, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works for you on a contingency fee and represents our clients nationwide before FINRA.