The Securities and Exchange Commission has charged former Merrill Lynch broker Marcus Boggs with fraud for stealing more than $1.7 million from three of his clients to pay down credit card debt racked up to satisfy his "penchant for international travel, AdvisorHub.com reported.
A complaint said that Boggswho had spent his entire 12-year brokerage career with Merrill in Chicagomade at least 200 wire transfers to his American Express account from the client accounts between 2016 and 2018.
The Chicago Sun-Times reported that U.S. Magistrate Judge Jeffrey Cole ordered Boggs held in custody Aug. 26. Assistant U.S. Attorney John Mitchell said Boggs had been arrested Aug. 22 while trying to board a flight to Germany on a one-way ticket ( which would have been his third to that destination in a month ).
Mitchell told Cole that Boggs' scam netted more than $3 million that has largely been used to pay down American Express bills and mortgages.
Boggs has been involved in local philanthropy, including being a volunteer co-chair of Howard Brown Health's Lifeline Appeal Committee, Windy City Times reported in 2010.
The AdvisorHub item is at advisorhub.com/ex-merrill-chicago-broker-charged-with-stealing-millions-to-pay-credit-card-debt/. The Sun-Times article is at chicago.suntimes.com/crime/2019/8/26/20834176/dixmoor-5-member-among-those-caught-in-3-million-financial-scam .