The previous chief compliance officer of the broker was billed with fraud and cash washing for allegedly directing money from overseas traders to family people within the Philippines.
William Michael Quigley, 47, of Seaford, N.Y., faces both civil and criminal charges for funneling $500Thousand from the $800Thousand he allegedly cheated from traders to his two siblings within the Philippines, based on government bodies.
An indictment was unsealed Thursday, charging Mr. Quigley with conspiracry to commit wire fraud and cash washing conspiracy regarding the an investment plan. He faces an optimum sentence of two decades imprisonment.
Mr. Quigley, who had been the compliance director for that broker Trident Partners Ltd. in Westbury, N.Y., convinced foreign traders to purchase well-known U.S. companies for example Dell Corporation., Berkshire Hathaway Corporation. and BlackRock Corporation., in addition to start-ups near going public, based on the Investments and Exchange Commission, which billed Mr. Quigley with fraud.
Rather than trading the funds, Mr. Quigley diverted them for his personal use and individuals of his siblings, Michael and John Quigley, based on government bodies. They allegedly took part in the plan by delivering traders fake account claims utilizing a make believe firm title. The plan continued for over a decade, the SEC alleged.
“We allege a vintage situation from the fox protecting the chicken house as William Quigley subverted his position of trust as compliance director and stole money from traders and the own firm, ” stated Andrew M. Calamari, director from the SEC's New You are able to Regional Office.
Mr. Quigley's attorney, Craig M. Bodetsky, wasn't readily available for comment.
"Once Trident Partners grew to become conscious of Mr. Quigley's suspicious activities, the firm ended his employment and informed regulating government bodies, " stated Robert I. Rabinowitz, the lawyer for Trident Partners, inside a statement. "Trident Partners has confidence the regulating action the SEC has had is suitable underneath the conditions."