New York (HedgeCo.Net) – A Long Island man has been accused of stealing from hedge fund brokerage firm Trident Partners. While working as the director of compliance, the SEC alleges that William Quigley opened three brokerage accounts to misappropriate investor funds, including a secret account at Trident.
“We allege a classic situation of the fox guarding the henhouse as William Quigley subverted his position of trust as compliance director and stole money from investors and his own firm,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.
“Quigley was involved in a scheme to solicit investors to buy stock in well-known companies or supposed start-ups on the verge of going public, but the securities were never actually purchased for them. Instead, after investors wired their funds to bank and brokerage accounts that Quigley set up and controlled, the money was quickly wired to a bank account in the Philippines or withdrawn in small increments from ATM machines in the vicinity of Quigley’s home and office.” The SEC said.
It was Quigley’s job as compliance director to open and properly route all incoming mail as well as to monitor all wires and report any suspicious transfers. Quigley allegedly abused his position to keep Trident Partners from learning about the secret account and its corresponding wires, and he stole commission checks to Trident Partners and deposited them in outside accounts he used in the scheme.
In a parallel action, the U.S. Attorney’s Office for the Eastern District of New York today announced criminal charges against William Quigley.
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