Mark Joseph Boucher Stole $2.2 Million in Decade-Long Client Fraud

Investment Fraud: The Misconduct Case of Joseph Boucher

The case of Mark Joseph Boucher, a financial advisor who became the subject of extensive SEC and FINRA investigations, has led to significant losses for unsuspecting clients. Boucher’s actions resulted in a staggering $2.2 million client theft and numerous securities violations. This article explores the details of his misconduct and provides crucial information for investors seeking to protect their financial interests and understand their investment recovery options. Boucher’s case underscores the importance of addressing financial advisor misconduct and ensuring financial advisor accountability in the industry.

SEC and FINRA Investigations into Mark Joseph Boucher

SEC Investigation: Findings of Investment Fraud and Advisers Act Violations

The Securities and Exchange Commission (SEC) conducted a comprehensive investigation into Boucher’s activities, uncovering a decade-long pattern of serious misconduct.

From December 2010 to July 2020, Mark Joseph Boucher and his one-person company, Strategic Wealth Advisors Group (“SWAG”), engaged in unauthorized money transfers, effectively misappropriating $2.2 million from three of his clients’ accounts. One of these clients was a widow in her 60s, creating another cautionary tale of elder financial abuse.

Boucher also made physical misrepresentations throughout this decade-long period, such as:

• Forging checks under the guise of a client

• Impersonating a client over the phone to authorize a fraudulent wire transfer

• Making omissions to cover his tracks

This happened across the three clients that he targeted, each of them subject to his desire to use their securities to fund his personal life.

• Client 1: This client was the widowed client in her 60s, where Boucher misappropriated $669,000 from her accounts and used this money for his personal use, such as paying down credit cards that included personal expenses.

• Client 2: Boucher and his company, SWAG, sold and wired $60,000 worth of investments from this client in order to buy himself a Chevy Camaro. This was done by impersonating the client over the phone.

• Client 3: Between August 2019 and July 2020, Boucher misappropriated $1.5 million from a deceased client’s trust accounts to his personal accounts. He used this money to pay off personal expenses as well. He even created a forged letter from this client, acting as if she gifted him the funds.

FINRA Investigation and Suspension of Mark Joseph Boucher in December 2022

In response to Boucher’s egregious misconduct, the Financial Industry Regulatory Authority (FINRA) took decisive action to protect investors and uphold the integrity of the financial industry. Boucher faced a FINRA suspension effective December 2022, which barred him from associating with any FINRA member firm indefinitely. (Source: FINRA BrokerCheck, https://brokercheck.finra.org/)

Investment Fraud Recovery Options

Legal Remedies for Affected Investors

Investors who have suffered losses due to investment fraud have several legal avenues for investment fraud recovery. Options include filing civil lawsuits, participating in class-action suits, or pursuing arbitration through FINRA. Although arbitration is usually required by brokerage firms, each path offers different advantages that your attorney will go over with you if the other pathways exist for you. For instance, filing a civil lawsuit allows investors to seek individual compensation directly from those responsible, although this process can be time-consuming and costly.

Conclusion

The case of Mark Joseph Boucher highlights the serious consequences of financial advisor misconduct. Regulatory bodies like the SEC and FINRA play crucial roles in uncovering and addressing fraudulent activities. Firms like Meyer Wilson focus on helping investors recover losses and hold unethical financial advisors accountable. Ensuring financial advisor accountability is crucial for maintaining trust in the markets. If you’re ready to take action, reach out to us at Meyer Wilson for a consultation to explore how we can assist you in your recovery efforts.

Frequently Asked Questions

How long does an SEC investigation take?

The duration of an SEC investigation can vary widely based on factors such as the intricacy of the case, the amount of evidence to be reviewed, and the level of cooperation from involved parties. Investigations can range from several months to multiple years.al litigation.

How long does a FINRA investigation take?

A FINRA investigation’s duration depends on the case’s intricacy and the responsiveness of the parties involved. On average, investigations may take between 6 to 18 months. More intricate cases can extend beyond two years.

What should I do if I suspect investment fraud?

If you suspect investment fraud, act quickly by consulting with a securities attorney who focuses on investment fraud cases to understand your legal options and guide you through the recovery process. Meyer Wilson can help you each step along the way, so call today for a free consultation!