SEC Charges Two Brothers With Conducting an Offering Fraud

According to the SEC’s complaint, Michael and Brian Quigley convinced overseas investors to send money to U.S. bank accounts for purported investments in various securities, including well-known issuers, investment funds and penny stock companies, and claimed to be associated with entities that did not in fact exist, including fictional broker-dealers. The SEC alleges that the Quigleys did not make any investments with the money, and instead simply stole the investors’ funds.

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