On May 28, 2015, the Securities and Exchange Commission announced fraud charges against William Quigley. He is accused of creating a scheme to steal from investors and from a brokerage firm where he worked as the director of compliance.
The SEC’s Enforcement Division alleges that 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. The SEC alleges that:
- The securities were never purchased for the investors.
- Quigley wired the money out of the country or he withdrew it from ATM’s near his home.
- he had accomplices, two brothers who live in the Philippines.
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- Have students prepare a position paper on how to protect themselves from investment fraud.
- Have students go to the Securities and Exchange Commission website (sec.gov) to learn how SEC protects investors and maintains fair, orderly and efficient markets.
- How can federal, state, and local governmental agencies protect investors from investment fraud?
- What punishment should be meted out to investment fraudsters?