Written by The White Law Group• July 23, 2019• 4:30 pm• Blog, Current Investigations

Marcus Boggs Broker Investigation

Merrill Lynch Broker Marcus Boggs Reportedly Barred after Alleged Unauthorized Funds Transfers

Are you concerned about your investments with Marcus Boggs of Chicago, IL? If so, the securities attorneys at the White Law Group may be able to help you.

According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred financial advisor Marcus Boggs from associating with any FINRA member after he reportedly failed to answer requests for information in FINRA’s investigation. He was reportedly barred indefinitely on April 15, 2019.

The bar comes after three customer complaints were reportedly filed against him for allegations of “unauthorized ACH transfers made to an American Express account from the Client’s account.” The settle amount for the three disputes is approximately $5.6 million dollars.

Boggs was registered with Merrill Lynch in Chicago, IL from February 2006 until he was allegedly dismissed in December 2018 for “Conduct including withdrawal of funds from client accounts without their knowledge or approval,” according to his FINRA BrokerCheck report.

Potential Lawsuits to Recover Losses

The White Law Group is investigating potential lawsuits regarding the liability that his former employers may have for failure to properly supervise Boggs.

When brokers abuse client accounts and conduct transactions that violate securities laws, such as churning, and unauthorized trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Illinois. Our attorneys have recovered millions of dollars from many brokerage firms in the past, including Merrill Lynch.