William Michael Quigley of Woodbury New York a former Director of Compliance of Trident Partners Ltd. has been barred from acting as an investment adviser or broker or otherwise associating with firms advising the public or selling securities according to a Securities and Exchange Commission (SEC) Order containing findings that Quigley engaged in a fraudulent investment scheme. In the Matter of William Quigley Administrative Proceeding File No. 3-16560 (Mar. 24, 2017).
According to the Order, a fraudulent offering scheme had been conducted by William Quigley and his two brothers, Brian Quigley and Michael Quigley. Apparently, this scheme took place during the time that Quigley was the Director of Compliance for Trident Partners Ltd.
Evidently, Brian Quigley and Michael Quigley steered investors towards investing in start up companies that were supposedly about to go public, and steered them into investing in blue chip companies. The Order indicated that statements about the investments made to investors by Brian Quigley and Michael Quigley were bogus. Additionally, Brian Quigley and Michael Quigley reportedly failed to purchase the securities that investors were offered and expected to be purchased. Rather, Quigley and his two brothers misappropriated the investors’ funds.
The Order stated that the scheme involved investors being directed to transfer funds to brokerage and banking accounts which had been established and controlled by Quigley. Evidently, Quigley used those accounts to procure and ultimately steal the investors’ funds. SEC stated that there was no purpose for the establishment of those accounts by Quigley other than to help move the fraudulent scheme along.
Afterwards, the investors were reportedly provided fake statements in reference to their brokerage holdings – they were led to believe that their accounts balances were growing. Apparently, investors eventually attempted to liquidate what they believed to be their investment holdings; however, they were told by Brian Quigley and Michael Quigley that the money was unable to be returned to them. Unbeknownst to the investors at that time, their money had already been stolen. Subsequently, the brothers cut off communication with the investors. SEC found that Quigley’s conduct was violative of, inter alia, Securities Act of 1933 Section 17(a); Securities Exchange Act of 1934 Section 10(b); and SEC Rule 10b-5.
FINRA Public Disclosure reveals that Quigley is referenced in five customer initiated investment related disputes containing allegations of his misconduct during the time that he was associated with Trident Partners Ltd. Particularly, a customer initiated investment related arbitration claim concerning Quigley’s activities was resolved for $125,000.00 in damages supported by accusations that Quigley breached his contractual obligations to the customer, breached his fiduciary duties to the customer, executed unauthorized trades in the customer’s account, and churned the customer’s over-the-counter equities portfolio. National Association of Securities Dealers (NASD) Arbitration No. 99-04797 (Nov. 12, 2001).
On November 17, 2014, another customer initiated investment related complaint concerning Quigley’s conduct was settled to resolve allegations that Quigley neglected to abide by the customer’s instructions of liquidating over-the-counter equities from the customer’s investment account. Further, a customer initiated investment related arbitration claim regarding Quigley’s activities was resolved for $105,000.00 in damages founded on accusations that fiduciary duties owed to the customer had been breached, unsuitable stock and over-the-counter equities transactions were effected in the customer’s account, and Trident Partners Ltd. failed to supervise the transactions executed in the customer’s account. FINRA Arbitration No. 16-01406 (May 12, 2017).
Thereafter, a customer filed an investment related arbitration claim involving Quigley’s activities where the customer requested $40,489.00 in damages based upon allegations of failure to supervise and unsuitability in regard to the equities placed in the customer’s investment account. FINRA Arbitration No. 17-02710 (Jan. 16, 2018). Moreover, Quigley is referenced in a customer initiated investment related arbitration claim in which the customer sought $370,486.00 in damages supported by accusations that (1) equity transactions effected in the customer’s account were not suitable for the customer and (2) the customer’s account lacked supervision from Trident Partners Ltd. FINRA Arbitration No. 18-00195 (Mar. 23, 2018).
