A former top compliance officer at a Long Island brokerage firm has been charged with orchestrating a brazen $800,000 investment scam, federal authorities announced today.
According to the indictment, William Michael Quigley, 46, the former Chief Compliance Officer of a registered broker-dealer in Woodbury, New York, used his position to swindle overseas investors out of nearly a million dollars, promising them lucrative returns on investments in well-known U.S. companies and funds.
However, Quigley and his co-conspirators allegedly used the funds for their own personal gain, transferring over $500,000 to accounts in the Philippines and using the rest to finance their own lavish lifestyle.
“Quigley and his co-conspirators allegedly engaged in a coordinated and sophisticated scheme built on lies and deceit to defraud overseas investors,” said Acting U.S. Attorney Kelly T. Currie. “We are committed to holding accountable those who abuse their positions of trust to deceive the investing public.”
The indictment alleges that Quigley and his co-conspirators lied to overseas investors, telling them they were registered brokers working with regulatory authorities, when in fact they were operating under false pretenses.
Quigley, who is expected to be arraigned later today, faces up to 20 years in prison if convicted.
The charges were brought in connection with the President’s Financial Fraud Enforcement Task Force, a coalition of federal, state, and local authorities dedicated to combating financial crimes.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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