Shepherd, Smith, Edwards & Kantas (“SSEK”), a law firm specializing in representing wronged investors, is looking into allegations by the SEC against former Merrill Lynch financial advisor, Marcus Boggs (“Boggs”). Boggs reportedly joined Merrill Lynch in 2006, working in the company’s Chicago office. The SEC has alleged that Boggs stole client funds in excess of $1.7 million. The stolen assets were used to cover personal expenses, including credit card charges. According to the SEC, Boggs sought to portray himself as a pillar of the Chicago community, involving himself with various charities and attending social events in an effort to ingratiate himself with the city elite. Also, according to the SEC, Boggs maintained he managed of $40 million in assets for his clients.
Merrill Lynch fired Boggs over the SEC charges in December of 2018. Had Merrill been properly supervising Boggs, the company may have prevented some of the theft. According to FINRA, Boggs has three complaints on his official record all involving unauthorized transfers from client accounts. Merrill wisely sought resolution of these matters and it appears none have actually gone to hearing.
SSEK has experience in representing customers of financial advisors who either stole their money, or stole the money of other clients. SSEK’s experience shows that before a financial advisor begins stealing money, he or she often does other things that are wrong for clients, such as unsuitable investing, churning, unauthorized trading or other misconduct. Even after theft is uncovered, those other wrongs often go unnoticed and are never addressed without a customer hiring a law firm like SSEK.