He defrauded his clients – including his own in-laws – of more than $5 million
Former Chicago investment advisor Daniel Glick will be spending the next 12 years in federal prison. He received this sentence in April after being found guilty of using a Ponzi-like scheme to defraud several of his clients of $5.2 million.
From 2011 to 2017, it was revealed that Glick misappropriated funds through the three financial services and accounting firms he owned in Orland Park, Illinois: Glick & Associates Ltd., Glick Accounting Services Inc., and Financial Management Strategies, Inc.
The majority of the money came from his elderly clients, including two people in nursing homes and his own in-laws. Glick’s father-in-law was suffering from Alzheimer’s disease, while his mother-in-law was dealing with the aftereffects of a stroke.
Glick perpetuated his scheme by submitted forged checks and other bogus documents to various financial institutions. To get his in-laws’ money, he sent two letters to Citizens Bank requesting to cash out their CDs. Both letters had the forged signatures of his wife and his in-laws. He ended up taking $443,000 from them, and when the family discovered what he’d done, he repaid them with money from other clients.
Glick also lied to his clients about how he was investing their money and the safety of their investments. He used a portion of the stolen funds for both business and personal expenses, including to pay his mortgage and to purchase a luxury auto. Glick paid two business associates hundreds of thousands of dollars as well.
“Criminal conduct was a pervasive part of Glick’s business,” Assistant U.S. Attorney Jacqueline Stern said. “The victims have been devastated by the loss of their money.”
In May, Glick was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) after pleading guilty to wire fraud in connection with the misappropriation charges. A look at FINRA’s BrokerCheck report reveals that there are two pending customer disputes involving Glick from earlier this year. Both allege that Glick misappropriated funds, and in total, clients are seeking over $6.6 million in damages.
In addition to his own firms, Glick worked for seven companies over 22 years. His most recent was Transamerica Financial Advisors, Inc. of Orland Park, which fired him in 2014 when it found out he was being investigated for forging client signatures. Glick also was a member of these firms:
- World Group Securities, Inc. – Wheaton, IL
- World Equity Group, Inc. – Orland Park, IL
- World Group Securities, Inc. – Duluth, GA
- WMA Securities, Inc. – Duluth, GA
- Long Grove Trading Co. – Boston, MA,
- Terra Securities Corporation – Schaumburg, IL
Were you defrauded by Daniel Glick? Speak with an elder financial fraud attorney
Just because Glick is in prison doesn’t mean he is off the hook. The judge who handed down the sentence also ordered him to pay back the $5.2 million. Glick will also eventually have to deal with the pending FINRA complaints, as well as any others that may crop up.
If you were a client of Glick’s and you believe he stole your money, the Silver Law Group may be able to help you get it back. For a free consultation from an experienced elder financial fraud lawyer, you can call us at 800-975-4345 or just fill out our online contact form.