The Securities and Exchange Commission has barred a former Merrill Lynch broker in Chicago, alleging that he stole more than $1.7 million from at least three of his clients.
Marcus Boggs allegedly misappropriated his clients’ money by selling securities in their advisory accounts and then transferred the proceeds to his personal credit card account, according to the order. The SEC said Mr. Boggs was fired by the firm in December 2018 and barred by the Financial Industry Regulatory Authority Inc. in November 2019.
Additionally the SEC alleged that Mr. Boggs made more than 200 illegal transfers from clients’ accounts to pay for his credit card purchases.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
