SEC Accuses Former Broker William Quigley & Brothers of Fraudulent Offering Scheme
William Michael Quigley (CRD# 1968265) has been accused by the SEC of participating in a fraudulent offering scheme with his two brothers, Michael Quigley and Brian Quigley. According to the SEC, Quigley’s alleged misconduct took place from at least 2003 to 2012 while he was employed as the Director of Compliance at a registered brokerage firm on Long Island, New York - Trident Partners Ltd.
The SEC’s order alleges that brothers Michael and Brian Quigley solicited “at least four unsophisticated foreign investors” for investments in various start-up companies that were (the Quigleys claimed) about to go public and those involving blue chip issuers (large, reputable companies). The SEC says that the brothers never purchased these securities as promised, but rather took the money for their own personal use. The SEC includes former broker William Quigley in the misappropriation of funds claim.
The SEC also alleges that the Quigley brothers instructed investors to wire their investment dollars to accounts that William Quigley both established and controlled. Some of the investors were allegedly issued false account statements that showed increasing investment balances.
When some of the investors attempted to withdraw their money, the Quigley brothers allegedly gave excuses as to why that was not possible. In reality, claims the SEC, they could not return the money because the funds had already been stolen.
Trident Partners terminated William Quigley’s employment as Director of Compliance in September 2014. If you invested with William Quigley or were solicited for an investment opportunity by Michael Quigley or Brian Quigley, we invite you to contact our law firm today for a free review of your case. Meyer Wilson is passionate about helping investors recover their losses caused by fraud and misconduct. If you believe this happened to you, get in touch with us today.