A credit card (Credit: Thinkstock)

A former Merrill Lynch advisor is facing Securities and Exchange Commission charges for misappropriating $1.7 million of his clients’ money to pay off his credit cards.

The SEC complaint alleges that from 2016 to 2018, Marcus Boggs stole more than $1.7 million from at least three of his investment advisory clients and made more than 200 illegal transfers from their accounts to pay for his credit card purchases.

Also, without his clients’ knowledge or authorization, Boggs misappropriated his clients’ money by selling securities in their advisory accounts and then transferring the proceeds to his personal credit card account, according to the SEC.

From February 2006 through December 2018, Boggs was associated with Merrill Lynch.

According to the SEC’s administrative complaint, Boggs managed more than $40 million in assets held by more than 70 clients. He was an active member of Chicago’s philanthropic community, and regularly attended a variety of fundraising events for prominent Chicago cultural institutions. “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 states.

Boggs was barred by the Financial Industry Regulatory Authority on Jan. 11 for failing to respond to a FINRA request for information, according to his BrokerCheck profile.

He also faces criminal charges from the Department of Justice.