On November 13, 2017, it was announced that the Securities and Exchange Commission had entered a final judgment against Brian Quigley, who was accused of carrying out offering fraud with his brother, Michael Quigley. The SEC’s complaint suggests that the two brothers convinced overseas investors to send their money to American bank accounts to make purported investments in various securities. The SEC claims that the bothers did not make any investments with the money.
Instead, the SEC suggests that the brothers simply stole the investors’ money. The complaint details other methods the brothers used to continue defrauding investors after their initial investments. This involved sending fake account statements, making up excuses for their inability to return funds, manufacturing stock certifications, and falsely claiming to be helping the investor recover previous losses.
The SEC’s complaint was filed on August 10, 2017. Brian Quigley has opted to consent to the entry of the final judgment without admitting or denying the allegations. He will face a permanent injunction and penny stock bar. The SEC’s case against Michael Quigley is ongoing. The couple’s brother, William Quigley, was also involved in the fraud and was accused of setting up some of the accounts that investors wired their money.
William Quigley consented to the entry of a final order on March 24, 2017. The order instructed him to cease and desist from committing or causing the violations found in the order. He will also face securities industry and penny stock bars. Additional details can be found here.