SEC Charges Chicago-Based Investment Professional with Stealing Client Funds

Litigation Release No. 24576 / August 27, 2019

Securities and Exchange Commission v. Marcus Boggs, Civil Action No. 19-cv-5672 (N.D. Illinois, filed August 23, 2019)

On August 23, 2019, the Securities and Exchange Commission charged Marcus Boggs, an investment adviser representative at the Chicago office of a large financial services firm, with stealing more than $1.7 million from at least three of his clients.

According to the SEC's complaint, Boggs, without his clients' knowledge or authorization, misappropriated his clients' money by selling securities in their advisory accounts and then transferring the proceeds to his personal credit card account. The complaint further alleges that from 2016 to 2018, Boggs made more than 200 illegal transfers from three advisory clients' accounts to his personal credit card account.

The SEC's complaint filed in the Northern District of Illinois alleges that Boggs violated the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.

The U.S. Attorney's Office for the Northern District of Illinois filed criminal charges against Boggs, which were unsealed on August 23, 2019.

The SEC's investigation, which is continuing, has been conducted by BeLinda Mathie and Ann Tushaus and supervised by Steven Klawans of the SEC's Chicago Regional Office. The SEC's litigation will be led by Benjamin Hanauer. The SEC appreciates the assistance of the U.S. Attorney's Office for the Northern District of Illinois and the Federal Bureau of Investigation.