SEC V. Daniel H. Glick, et al.
Case No. 17-cv-02251-FAM (N.D. Ill.)

On March 23, 2017, the Commission filed a complaint (the “Complaint”) against Daniel H. Glick (“Glick”) and Financial Management Strategies, Inc. (“FMS”) (collectively, the “Defendants”) and Glick Accounting Services, Inc., Edward H. Forte(“Forte”), and David B. Slagter (“Slagter”) (collectively, the “Relief Defendants”). The Complaint alleged that, from 2011 to 2016, Glick and his companies raised over $6 million from investors. Glick and his unregistered investment advisory firm, FMS, provided clients with false account statements to hide Glick’s use of client funds to pay personal and business expenses, purchase a Mecedes Benz and pay off loans and debts among other misuses. Glick and his companies, from 2012 to 2016, sent almost $2 million to Forte and Slagter. See Complaint.

The Commission did not pursue monetary relief against Glick and his companies in light of Glick’s sentence in the parallel criminal action, where he was sentenced to 151 months in prison and ordered to pay more than $5.2 million in restitution. See United States v. Glick, 17-cv-739 (N.D. Ill).

Forte was ordered to pay a total of $1,044,270 in disgorgement and prejudgment interest in a Default Judgment. See Forte’s Default Judgment. Slagter was ordered to pay a total of $718,919 in disgorgement and prejudgment interest to the Commission; however, based on Slagter’s representations in his Statement of Financial Condition dated June 4, 2019 and other documents submitted to the Commission all but $362,486 was waived as provided in the Final Judgment. The Commission was ordered to hold all funds, together with interest and income earned thereon (collectively, the “Fund”), pending further order of the Court. See Slagter’s Final Judgment.

Slagter has paid $356,692.37, and any future funds paid pursuant to either Forte’s and/or Slagter’s judgment will be added to the Fund (the “Distribution Fund”).

On December 23, 2019, the Court entered an order appointing Miller Kaplan Arase LLP as Tax Administrator to fulfill the tax obligations of the Distribution Fund. See the Court’s Order.

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov