Securities Arbitration Lawyers BlogSEC Halts Chicago-based Fraud Targeting Seniors Involving Daniel H. Glick, Formerly of Transamerica Financial Advisors
The SEC announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars.
In the SEC’s complaint, the SEC alleges that Daniel H. Glick (CRD# 2175655) and his unregistered investment advisory firm Financial Management Strategies (“FMS”) took advantage of seniors who entrusted him with millions of dollars’ worth of their retirement savings.
According to the SEC complaint, Glick and his companies raised over $6 million from elderly investors, with most of the money coming from two families. Glick first raised money though Glick & Associates until dissolution in 2014, then through Glick Accounting Services and FMS.
Glick purportedly was responsible for investing the money on behalf of the senior investors and paying their expenses. When Glick was in possession of all the money, he exploited his relationship of trust and confidence, used his position to gain access to the funds, and then misappropriated the money.
Glick would provide his clients with false account statements to hide Glick’s use of client funds to pay personal and business expenses, purchase a Mercedes-Benz, and pay off loans and debts among other misuses.
This is not Glick’s first run in with trouble. In March 2014, Glick was discharged by his former employing firm, Transamerica Financial Advisors, Inc. (CRD# 16164), after Glick allegedly entered into a settlement agreement with the Certified Financial Planner (“CFP”) Board and that he was permanently barred from using the CFP designation.
One week later, FINRA permanently barred Glick after he failed to respond to a FINRA inquiry. Specifically, FINRA was inquiring about findings by the Certified Financial Planner Board of Standards that Glick forged clients’ signatures on letter to a bank in order to gain access to and misappropriate their assets.
Transamerica employed Glick from January 2012 to March 2014 in its Orland Park, Illinois branch. Prior to Transamerica, World Group Securities, Inc. (CRD# 114473) employed Glick in its Wheaton, Illinois branch.
Contact Our Firm if You’ve Lost Money
Silver Law Group has represented and is currently representing elder investors who have lost much of their life savings due to Wall Street greed and disregard of elder abuse and exploitation laws. Visit our newly-launched website at www.elderfraudattorneys.com for more information.
If you or a loved one has lost money investing due to violation of elder abuse and exploitation laws, you may be able to recover some or all of your losses.
Silver Law Group represents the interests of investors and senior investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.