Adviser Daniel Glick charged with ripping off elderly, including his in-laws
Prosecutors claim Daniel Glick used some of the funds for personal and business expenses.
The United States Attorney’s Office in Chicago has charged investment adviser Daniel H. Glick with one count of wire fraud, saying that he misappropriated at least $5.2 million from clients and financial institutions.
The SEC is involved in a parallel enforcement action.
According to information in the criminal case, from at least 2011 through 2017, Mr. Glick furnished forged checks and other phony documents to financial institutions, and lied to clients about the use and safety of their investments.
Most of the funds that Mr. Glick misappropriated belonged to elderly clients, including his mother-in-law and father-in-law and an individual in a nursing home, the Securities and Exchange Commission said in a litigation release, which noted and that Mr. Glick used some of the stolen funds to pay personal and business expenses.
In March, the SEC brought an emergency action against Mr. Glick and Financial Management Strategies, his unregistered, Chicago-based investment advisory firm, based on substantially the same conduct.
On the same day that it filed its action, the SEC obtained a temporary restraining order against Mr. Glick and FMS and an asset freeze against Mr. Glick, FMS, and Glick Accounting Services, his associated accounting firm. Mr. Glick and FMS later consented to the entry of a preliminary injunction. The SEC’s litigation against Glick and FMS continues.
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