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Written by 1:59 pm Blog, Securities Fraud Articles

SEC Charges Daniel H. Glick with Defrauding Seniors

Daniel H. Glick

Recovery of Investment Losses with Daniel H. Glick

Have you suffered losses investing with Daniel H. Glick (CRD #2175655, Chicago, Illinois)? If so, The White Law Group may be able to help you recover your losses through FINRA Arbitration.

The Securities and Exchange Commission announced Monday an emergency asset freeze and temporary restraining order against Daniel H. Glick and his financial management company accusing them of scamming elderly investors out of millions of dollars.

The SEC alleges that Glick and his unregistered investment advisory firm Financial Management Strategies (FMS) provided clients with false account statements to hide Glick’s use of client funds to pay personal and business expenses, including purchasing a Mercedes-Benz, and paying off loans and debts.

The SEC further alleged in the complaint that Glick raised millions of dollars from elderly clients by claiming that he would pay their bills, handle their taxes, and invest on their behalf, while instead using the money for his own benefit.

The SEC’s complaint also names Glick Accounting Services, Glick’s business partner David B. Slagter, and Glick’s business acquaintance Edward H. Forte as relief defendants for the purposes of recovering client funds that Glick transferred or paid them in the form of advances or loans.

The court issued a temporary restraining order against Glick and FMS at the SEC’s request, and issued an order freezing the assets of Glick, FMS, and Glick Accounting Services.

Glick reportedly had his Certified Financial Planner designation and Certified Public Accountant license revoked for conduct unrelated to today’s SEC charges.

According to Glick’s FINRA BrokerCheck report, he worked with Transamerica Financial Advisor in Orland Park, IL from January 2012 through March 2014 when he was discharged. Prior to that, he was registered with World Group Securities in Wheaton, IL from October 2007 through January 2012.

Daniel H. Glick Barred from Securities Industry

As we told you, Glick was barred from association with any FINRA member in any capacity in May 2014. The FINRA notice stated that, without admitting or denying the findings, Glick consented to the sanction and to the entry of findings.  In the course of an investigation, FINRA requested documents and information concerning findings by the Certified Financial Planner Board of Standards that Glick forged clients’ signatures on letters to a bank in order to gain access to, and misappropriate, their assets.

The findings stated that Glick informed FINRA that he would not provide the requested documents and information.  The case number with FINRA’s full findings is FINRA Case #2014040173501.

Failure to Supervise

The White Law Group is investigating the liability that Glick’s FINRA employer may have for his actions.

When a broker violates industry rules, his or her employer may be liable for negligent supervision and responsible for investment losses in a FINRA dispute resolution claim.

If you were a victim of Daniel H. Glick and would like to discuss your potential to recover your losses through a FINRA arbitration claim, please call the securities attorney of The White Law Group at 888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

To learn more about The White Law Group, please visit www.WhiteSecuritesLaw.com.




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