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.


What do you think?

View comments

Recommended for you

Featured video


Where in the U.S. are RIAs growing the fastest?

InvestmentNews' deputy editor Robert Hordt talks to senior columnist Jeff Benjamin about his report on how registered investment advisers are faring in different regions of the country.

Latest news & opinion

8 adviser fears for 2019

Interest rates, trade wars and bear markets, oh my! Looking across the industry, here are some of the biggest concerns heading into the new year.

3 big reasons to do a Roth conversion right now

The time is ripe for many to convert a pretax IRA to a Roth.

10 must-know facts about today's 401(k) plans

Here are the latest changes in 401(k) plans across areas such as investments, fees, contributions, investment advice and more.

Questions abound as Ohio National stops commission payments this week

Advisers are grappling with how to proceed, with their clients and their businesses, as the insurer's new annuity trail policy takes effect.

Top 10 RIAs in the South

These are the largest registered investment advisory firms in the Southern U.S., based on AUM.


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 It'll help us continue to serve you.

Yes, show me how to whitelist

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


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print