Ex-Merrill Lynch adviser sentenced to 3.5 years for swindling $3 million from clients to pay his mortgage and credit-card bills

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A former Merrill Lynch investment adviser in Chicago has been sentenced to 3 ½ years in prison for swindling clients out of $3 million, including compensation a man had received from a wrongful conviction settlement with the state of Illinois.

Boggs was arrested on Aug. 22, 2019, at O’Hare International Airport in Chicago before boarding an international flight.  

Marcus Boggs, 51, was accused of taking money from clients to pay his own mortgage, credit-card bills for lavish international vacations and fancy dinners, and the rent on numerous apartments he maintained in Chicago, federal prosecutors said. He pleaded guilty to wire fraud earlier this year.

The most damning charge against Boggs was that he took over $800,000 from Shainne Sharp, one of a group of men known as the Dixmoor 5 who each spent decades behind bars for the rape and murder of a 14-year-old girl they didn’t commit. They…

Read full article at www.marketwatch.com