According to the Securities and Exchange Commission (SEC), William Quigley, a former chief compliance officer at New York-based Trident Partners Ltd., was charged with fraud and money laundering for diverting money from overseas investors to family members in the Philippines. William Michael Quigley, of Seaford New York, faces both criminal and civil charges.
The SEC claims that Mr. Quigley convinced foreign investors to invest in well-known U.S companies and start-ups which were on the brink of going public. Instead of investing the customers’ funds, however, Mr. Quigley diverted the funds for his and his brother’s personal use. This scheme was allegedly perpetrated by sending investors fake account statements using a fictitious firm name for more than 10 years. Continue Reading