The U.S. Securities and Exchange Commission (SEC) has filed a federal suit in New York alleging that Michael and Brian Quigley stole approximately $855,000 from investors who thought they were investing in penny stock companies, investment funds, and blue-chip companies.
In a complaint filed August 10th, the SEC alleges that between 2003 and 2012, the Quigley brothers misled at least four different investors to believe their money was going toward companies about to go public. But the Quigleys pocketed the money.
According to the SEC, the two brothers, along with another brother, William Quigley, convinced investors to wire money to bank and brokerage accounts. To reassure investors, the brothers forged documents and account statements and made up fake firms and fake colleagues.
In March of this year, William Quigley admitted to stealing more than $500,000 from unsuspecting investors and agreed to be barred from participating in penny stock offerings and from associating with broker-dealers. He is a former Trident Partners Ltd. chief compliance officer.
The SEC is urging the court to bar the pair from participating in penny stock offerings and to order the brothers to turn over all the ill-gotten gains, while also paying prejudgment interest and civil penalties.
Are You the Victim of Investment Fraud?
If you believe you have been the victim of investment fraud, you may have certain legal rights that require your immediate attention.
Call an Investment Fraud Attorney Today
If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.