SEC Obtains Final Judgment Against Sentenced Merrill Lynch Advisor
The Securities and Exchange Commission has obtained a final judgment against former Merrill Lynch financial adviser, Marcus Boggs.
The Securities and Exchange Commission has obtained a final judgment against former Merrill Lynch financial adviser, Marcus Boggs, who was previously charged with stealing more than $1.7 million from at least three of his investment advisory clients.
The Securities and Exchange Commission said that he stole his clients’ money by selling securities in their advisory accounts and then transferring the proceeds to his personal credit card account. Boggs purportedly made more than 200 illegal transfers to pay for his credit card purchases.
In August, he was sentenced in a parallel criminal case to 42 months in prison and ordered to pay $3.1 million in restitution. In the SEC’s civil case, he was permanently enjoined from violating the antifraud provisions of various federal securities laws and ordered to pay $1.9 million in restitution, which will be deemed satisfied by the restitution order in the criminal case.
