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Judge Finds California Consultant Liable for $2.2 Million Theft

A California federal court judge ruled that the Carlsbad, California-based investment advisor was liable for defrauding multiple clients of more than $2.2 million over a period of years.

Chief Justice Dana Sabrao, Mark J. Summarized the SEC’s proposal for misappropriation of client funds against Boucher and his company, Strategic Wealth Advisor Group Services., As a result of Sabra’s decision, the SEC The counselor, who is also facing criminal charges, may skip a full trial.

Arguments regarding punishment in the case will come at a later date.

Boucher originally joined Raymond James for 16 years before brief stints at Northwest Asset Management and SCF Investment Advisors. Their IAPD Advisorinfo page, According to Sabra’s new order, Raymond James fired Boucher for violating the firm’s “trust, estate and power of attorney relationship policy,” and he was also terminated from SCF for misusing client funds.

In early 2001 while he was at Raymond James, Boucher began mentoring Marguerite Lenard and her late husband. On 49 separate instances in Raymond James, Boucher forged checks for money falsified with Lenard’s signature, according to the SEC.

But even after being fired from Raymond James, Boucher continued to advise Lenard while he was affiliated with the SCF. But on May 10, 2019, Lenard received a letter from American Express including a copy of the check for about $14,000, and Lenard realized the signature was not his. Boucher later admitted to the alleged theft, offering to pay Lenard if he didn’t tell anyone. Lenard refused, and later contacted Schwab (where his accounts were kept) and learned that several checks had been drawn from his account to pay off Boucher’s credit cards.

The order also detailed Boucher’s conversations with Ross and Brett King, the brothers and co-owners and operators of King Shock Technology, which manufactures and services shock absorbers. Boucher was initially a client and eventually advised the two on financial matters. According to the order, in March 2017, Boucher sold approximately $70,000 worth of shares from Brett King’s Schwab account, and the next day approximately $90,000 was transferred from Brett King’s Schwab account to his brother’s account, with Brett placing the transfer order. There was no memory of seeing.

Shortly after, Schwab received a request to authorize a wire transfer of $60,000 from Ross King’s account to a California-based car dealership, which he reportedly never approved. When an employee of the car dealership questioned Boucher, he said that Schwab had made a mistake in naming Ross King instead of his own. But someone with Boucher’s phone was able to answer security questions for Ross King, and Boucher bought a Camaro in his own name.

But Boucher later sold the car to Ross King for $52,500, as commissioned; At the time of the deal, King did not know that Boucher had used his money for the initial purchase, meaning that King had essentially paid twice for the car. The Raja brothers did not realize the alleged deception until the dealership owner approached them; He was following Boucher’s actions after learning about him from his friend Marguerite Lenard.

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