The Securities and Exchange Commission has charged Jacob C. Glick, a former investment adviser representative in Scottsdale, Arizona, associated with Advanced Practice Advisors, with repeatedly defrauding and breaching his fiduciary duty to advisory clients, and allegedly misappropriating $355,000 from one client to pay his credit card bills.
The SEC's complaint alleges that from mid-2016 through mid-2018, Glick defrauded his advisory clients by placing a majority of them in risky investments that suffered substantial losses; buying more of the investments after his firm told him to liquidate them; and representing to two clients that he would use their money for a real estate investment, but instead used it for his own options trading.
The misappropriation of $355,000 from one client occurred after APA terminated Glick, of Scottsdale, Arizona, in June 2017.
The SEC is seeking permanent injunctions, disgorgement and civil penalties against Glick.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
