April 16, 2018 Comments (0) Blog, Current Investigations, Securities Fraud

Illinois Financial Advisor Daniel Glick Settles Charges with SEC

Daniel Glick
(Last Updated On: April 16, 2018)

Daniel Glick reportedly agrees to help recover $2 million as part of the deal.

The White Law Group continues to investigate potential claims involving the liability that Daniel Glick’s employers may have for failing to properly supervise him.

Former Illinois financial adviser Daniel Glick has reportedly settled a civil suit brought by the Securities and Exchange Commission in which he agrees to help recover $2 million in assets that were invested in Israeli companies, according to an article in Investment News on Friday.

As we told you in March 2017, Glick, 64, was charged with allegedly running a $5.2 million Ponzi scheme that reportedly involved stealing money from elderly investors, from 2011 until 2017. The SEC alleges that Glick raised millions of dollars from elderly clients by claiming that he would pay their bills, handle their taxes, and invest on their behalf, while instead using the money for his own benefit.

Glick reportedly pled guilty to wire fraud in January, as part of the plea agreement in the criminal case, for which he will be sentenced on April 17. There is a possibility that he could go to prison for 20 years.

According to reports, the SEC sued Mr. Glick and his businesses, Financial Management Strategies, Glick Accounting Services, and Glick & Associates in March 2017 before he was charged by federal prosecutors.

According to Glick’s FINRA BrokerCheck report, he worked with Transamerica Financial Advisor in Orland Park, IL from January 2012 through March 2014 when he was discharged. Prior to that, he was registered with World Group Securities in Wheaton, IL from October 2007 through January 2012.

The Financial Industry Regulatory Authority Inc. barred Glick in 2014 and he had his certified financial planner designation and his certified public accountant license revoked for conduct unrelated to the SEC charge.

Failure to Supervise

Brokers are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading, that violate securities laws and regulations. They have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

Have you suffered losses investing with Daniel Glick? If so, the securities attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.