Boggs was also sued by the U.S. Securities and Exchange Commission for fraud a day after he was arrested, according to the agency. The SEC complaint said Boggs managed more than $40 million in assets held by more than 70 clients as a dual registered advisor.
The SEC complaint also described Boggs as active in Chicago's philanthropic community
"This allowed Boggs to present himself as a socially-minded financial professional, mingle with wealthy individuals, and have a platform for meeting potential clients," the SEC complaint said.
During the time he was stealing client money, Boggs was a frequent traveler who stayed at luxury hotels in destinations such as Europe, South America, Canada and the Caribbean, the SEC said.
Boggs's scheme was uncovered in 2018 after Merrill Lynch and its parent company, Bank of America, instituted a new control program designed to identify advisors who were misappropriating client money, according to the complaint. The program turned up numerous suspicious transactions involving the accounts of Boggs's clients, the complaint said, adding that Boggs was fired after he refused to answer company investigators' questions about the accounts.
Bank of America spokesman Bill Halldin confirmed that Boggs was fired after it was found he allegedly stole from clients. "We notified the appropriate authorities and have cooperated with their investigations," Halldin said. "Consistent with our policy, Merril Lynch notified affected clients and has compensated them."
Boggs is facing a wire fraud charge that carries a prison sentence of up to 20 years, prosecutors said.