Securities Arbitration Lawyers BlogSEC Alleges Broker William Quigley Schemed to Defraud Investors
Quigley and his two brothers are accused of running a fraudulent offering scheme
After a 24-year career in the securities industry checkered with allegations of misconduct and unauthorized trading, broker William Quigley has not only been barred permanently by FINRA, he also faces fraud charges brought by the SEC.
According to the SEC administrative proceeding, the SEC “deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be…instituted” against Quigley. It is alleged that William Quigley, along with his two brothers, Michael Quigley and Brian Quigley misappropriated investor funds from 2003 through 2012.
A brotherly Ponzi-like scheme
It is reported that William Quigley resides in New York, while younger brothers Michael and Brian are believed to reside in the Philippines. From 2003 through 2012, it is alleged that Michael and Brian “repeatedly duped at least four unsophisticated foreign investors into sending funds to various U.S. bank and brokerage accounts for purported investments in the securities of publicly-traded companies, investment funds and private startup companies supposedly slated to go public.”
Instead, the funds were allegedly deposited into accounts set up and controlled by big brother William Quigley. According to the proceeding, “these accounts were used to obtain, funnel, dissipate, and otherwise steal investor funds, and the accounts had no purpose other than to further the fraudulent scheme.”
The brothers purportedly defrauded investors by sending phony account statements, using fake firm names similar to existing firms, making excuses for their failure to return funds and manufacturing stock certificates, among other infractions.
William Quigley’s involvement in the scheme to defraud investors centers on the SEC allegations that he opened and controlled three brokerage accounts used to misappropriate hundreds of thousands of dollars of investor funds. Some of the names included in the scheme are:
- Trident Partners Investment Group
- Funding Group, Inc.
- Trident Partners Investment Club
- James Morris
- Kevin Turner
Through the years, the misappropriated funds were allegedly wired back to banks in the Philippines or withdrawn from ATMs near William Quigley’s place of residence. As a result, the SEC cease-and-desist proceedings are pending against Quigley.
If you’re an investor who has done business with William Quigley, his brothers, any of the aforementioned fronts—or any firm or financial adviser you believe has violated your rights as an investor—you may be able to recover losses their misconduct has caused.
With Silver Law Group you’ll find experienced securities attorneys committed to recovering investment losses due to stockbroker misconduct. With lawyers admitted to practice in New York and Florida, we represent investors nationwide. Contact us today to have your case reviewed by an experienced arbitration attorney at no cost to you.