The Securities and Exchange Commission filed administrative charges against William Quigley, former chief compliance officer and chief anti-money laundering officer for Trident Partners Ltd, a broker-dealer, for his role in defrauding his employer and at least four of its overseas customers, from at least 2003 through 2012. Simultaneously, Mr. Quigley was the subject of a criminal complaint filed by the US Attorney’s Office for the Eastern District of New York. According to the SEC, Mr. Quigley induced the investors to purchase stock in well-known companies or supposed start-ups, but after receiving the clients’ funds, he wired them to an account in the Philippines or to an account near his home and office where he withdrew them in small increments for his personal use. Mr. Quigley is alleged to have had the assistance of two of his brothers in the Philippines to conduct his fraud. As part of the alleged scheme, investors were instructed to wire funds to US bank and brokerage accounts that Mr. Quigley controlled. Mr. Quigley allegedly opened one of the brokerage accounts at Trident but “kept Trident from learning that the account was located there.” Accounts at other firms were often set up in names meant to trick investors to believe they were related to Trident (e.g., one account was named “Trident Partners Investment Group”). The SEC seeks disgorgement, fines and other penalties against Mr. Quigley. If convicted of the criminal charges, Mr. Quigley faces a maximum sentence of 20 years in prison.