Adviser facing 20-year prison sentence settles with SEC

Ponzi-scheme operator Daniel Glick agreed to help recover investor assets from Israel

Apr 13, 2018 @ 2:18 pm

By Jeff Benjamin

Former financial adviser Daniel Glick, who has already pled guilty to wire fraud in a parallel criminal case, has settled a civil suit brought by the Securities and Exchange Commission in which he agrees to help recover stolen assets now located in Israel.

Mr. Glick, who is 64 and no longer operating the Financial Management Strategies, Glick Accounting Services, and Glick & Associates, was charged with operating a $5.2 million Ponzi scheme that involved stealing money from elderly investors, including his own in-laws who were suffering from dementia.

As part of the plea agreement in the criminal case, Mr. Glick pled guilty to wire fraud, for which he will be sentenced on April 17. He faces up to 20 years in prison.

The SEC sued Mr. Glick and his businesses in March 2017 before he was charged by federal prosecutors.

According to the SEC, Mr. Glick's scheme took place between 2011 and 2016.

Mr. Glick was barred from the securities industry by the Financial Industry Regulatory Authority Inc. in 2014 and had his certified financial planner designation and his certified public accountant license revoked for conduct unrelated to the SEC charge.

Mr. Glick, who could not be reached for comment, will likely be sent to prison, according to David Chase, a former senior enforcement counsel in the SEC Miami office.

"The defense strategy appears to be to resolve both matters in an attempt to improve the terms," he said. However, key to the SEC settlement, according to Mr. Chase, is Mr. Glick's agreement to cooperate in the efforts to recover nearly $2 million in investor money that was used to invest in Israeli companies.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

What can advisers learn from the first female fighter pilot?

Pressure is pressure. Whether you are taking off from an aircraft carrier or dealing with the unforgiving movements of the market, you need to have a plan. Carey Lohrenz, the world's first female F-14 pilot, has some advice for advisers.

Latest news & opinion

Captrust, prominent 401(k) advice firm, ramps up its wealth management business

Captrust wants to grow annual revenue from wealth management to 50% from 30% over the next five years.

Fidelity CEO says zero-fee funds aimed at expanding its universe

Johnson says way to prosper in financial services is 'by building relationships.'

SEC advice rule contains a huge hole

Jay Clayton aims to clear up investor confusion by drawing a distinction between brokers and advisers in the agency's proposed package of revised standards. But where do dual registrants fit?

9 signs it's time to fire your client

Here are signals that a client should be asked to leave, according to experienced financial advisers.

10 years later, advisers still shudder recalling the financial crisis

Historic chain of market events left advisers and investors more skeptical, cautious

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print