Daniel Glick Pleads Guilty to $5.2 M Misappropriation
According to a press announcement Monday, the SEC has reached a plea agreement with a Chicago-based broker and CPA, Daniel Glick, charged with misappropriating $5.2 million of his clients’ funds.
Daniel Glick reportedly pled guilty to one count of wire fraud in an alleged scheme that purportedly lasted from at least 2011 to at least 2017 and primarily targeted senior clients, including a person in a nursing home and Glick’s wife’s parents, the SEC says.
The SEC alleges that Glick forged client statements exaggerating their assets and sent financial institutions forged checks and documents as part of the scam. He purportedly spent the money paying for personal and business expenses and a luxury car, according to the documents.
The SEC brought an emergency action against Glick in March 2017 as well as his unregistered investment advice firm, Financial Management Strategies, and named three relief defendants, including Glick Accounting Services, his accounting firm, according to the statement from the SEC.
Although there was reportedly an asset freeze ordered, Glick was able to convince a judge in September to unfreeze $22,000 to cover his defense lawyer’s fees.
According to his FINRA BrokerCheck report, Glick was barred in 2014. The report also states that Glick was registered 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. His CFP designation and CPA license were reportedly revoked before the SEC charged him on unrelated complaints.
Glick is also facing a separate criminal charge from the U.S. Attorney’s Office for the Northern District of Illinois, filed in November 2017, according to the SEC.
Failure to Supervise
Brokers 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. 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.
If you suffered losses investing with Daniel Glick, the 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, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.