Chicago Investment Advisor Charged with Fraud for Allegedly Misappropriating More Than $5 Million in Client Funds
A Chicago investment advisor stole more than $5 million from several clients, including his elderly in-laws, and used some of the cash on a mortgage and a luxury automobile, according to federal criminal charges filed, on November 15.
DANIEL GLICK, who owned three accounting and financial services firms in Orland Park, Ill., misappropriated at least $5.2 million from clients and financial institutions from 2011 to 2017, according to a criminal information filed in U.S. District Court in Chicago. Glick furnished forged checks and other phony documents to financial institutions, and he lied to clients about the use and safety of their investments, the information states. 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, the information states. Glick used some of the stolen funds to pay personal and business expenses, including the purchase of a Mercedes-Benz automobile, payment of his mortgage, and repayment of two business loans, according to the charges.
The information charges Glick, 64, of Chicago, with one count of wire fraud. Arraignment in federal court in Chicago has not yet been scheduled.
The information was announced by Joel R. Levin, Acting United States Attorney for the Northern District of Illinois; and Jeffrey S. Sallet, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation. The government is represented by Assistant U.S. Attorney Jacqueline Stern. The U.S. Securities and Exchange Commission provided valuable assistance.
During the alleged scheme, Glick owned and operated Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd. Glick’s firms purported to provide accounting, tax, investment, and financial services.
According to the charges, Glick forged his in-laws’ signatures on letters and checks, allowing for the transfer of hundreds of thousands of dollars from their checking account to his company’s checking account. Glick also convinced another family to pay him $700,000 in fees, even though, unbeknownst to them, he had already misappropriated hundreds of thousands of dollars from them.
The charges also accuse Glick of misappropriating client funds to pay hundreds of thousands of dollars to two business associates, and to make Ponzi-type payments to clients. Glick also provided false account statements to clients in an effort to conceal his misappropriation of their funds, the information states.
Wire fraud carries a maximum penalty of 20 years in prison. If convicted, the Court must impose a reasonable sentence under federal sentencing statutes and the advisory U.S. Sentencing Guidelines.
Source: U.S. Department of Justice
- 347 reads
