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.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
Investor money allegedly went to strip clubs, exotic cars, and landscaping
Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm
With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.
Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
