The Securities and Exchange Commission charged former Raymond James rep Mark Joseph Boucher of Carlsbad, California and his company Strategic Wealth Advisor Group Services (SWAG) with misappropriating $2.2 million from customers, including a deceased customer's trust accounts.
The SEC complaint alleges that Mark Boucher (CRD #2187695) perpetrated three multi-year fraudulent schemes while associated with Raymond James, SCF Investment Advisors (Fresno, CA), and SWAG, purportedly misappropriating $2.2 million from several clients.
A widow living in Solvang, CA and the trust of a deceased client comprised two alleged victims, with the SEC writing that Boucher made material misrepresentations and omissions as part of his fraud.
The report states Boucher impersonated a client over the phone in order to effect a fraudulent wire transfer, forged checks in a client's name, and lied while making material omissions to cover up his fraudulent conduct.
SEC alleges Boucher forged signatures on checks and committed other deceptive acts to misappropriate funds from his clients, using the ill-gotten money for personal expenses, such as credit card debt, purchase of a Camaro automobile, and vacations to Hawaii.
Even after SCF Investment Advisors terminated Boucher in 2019 for admitting to misappropriating customer funds, Boucher allegedly engaged in a separate fraudulent scheme to steal the trust funds of a deceased client, serving as successor trustee and investment adviser for the trust, and misappropriating $1.5 million by sending cash and securities from the trust to accounts Boucher controlled, including personal checking and brokerage accounts.
The SEC accused Boucher with trying to conceal his wrongdoing during SEC's investigation, and creating an additional forged letter from his dead client to create the false impression that she had gifted him $1.5 million before she passed away.
If you have invested with ex-Raymond James and SCF Investment Advisors broker Mark J Boucher of Carlsbad or with any broker or financial adviser whose has stolen money from your accounts through fraudulent schemes, forged documents such as checks or wire transfer forms, misrepresentations, conversion, or misappropriation, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.