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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23995 /November 21, 2017

United States v. Daniel Glick, No. 17-CR-739 (N.D. Ill.)

SEC v. Daniel H. Glick, et al, No. 17-CV-2251 (N.D. Ill.)

Operator of Investment Scheme Involving Seniors Charged Criminally

The Securities and Exchange Commission today announced that, on November 15, 2017, the United States Attorney's Office for the Northern District of Illinois filed a criminal information charging Daniel H. Glick, a Chicago investment adviser, with one count of wire fraud under 18 U.S.C. § 1343. Glick is currently a defendant in a parallel enforcement action brought by the SEC.

According to the criminal information, from at least 2011 through at least 2017, Glick misappropriated at least $5.2 million from clients and financial institutions, furnished forged checks and other phony documents to financial institutions, and lied to clients about the use and safety of their investments. The criminal information further states that most of the funds that Glick misappropriated belonged to elderly clients, including his mother-in-law and father-in-law and an individual in a nursing home, and that Glick used some of the stolen funds to pay personal and business expenses.

On March 23, 2017, the SEC brought an emergency action against Glick and his unregistered, Chicago-Based investment advisory firm, Financial Management Strategies (FMS), based on substantially the same conduct. In its complaint, the SEC alleges that Daniel H. Glick and FMS provided clients with false account statements to hide Glick's use of client funds to, among other things, pay personal and business expenses, purchase a Mercedes-Benz, and pay off loans and debts. The SEC's action also named three relief defendants, including Glick's accounting firm, Glick Accounting Services.

On the same day that it filed its action, the SEC obtained a temporary restraining order against Glick and FMS and an asset freeze against Glick, FMS, and Glick Accounting Services. Glick and FMS later consented to the entry of a preliminary injunction. The SEC's litigation against Glick and FMS continues.

 

https://www.sec.gov/litigation/litreleases/2017/lr23995.htm


Modified: 11/21/2017