SEC charges former Arizona adviser with fraud
Jacob C. Glick of Scottsdale allegedly took $355,000 from a client after he was terminated by his firm.
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.
[More: Gensler expected to put teeth in Reg BI — not overturn it]
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.
[Listen: InvestmentNews Podcast: IBDs and cybersecurity in the wake of SolarWinds]
Learn more about reprints and licensing for this article.
