The U.S. Securities and Exchange Commission (SEC) recently announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company. The firm is being accused of scamming elderly investors out of millions of dollars.
The agency is alleging that Daniel H. 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, purchase a Mercedes-Benz and pay off loans and debts, among other misuses.
According to the complaint, Glick was barred by Financial Industry Regulatory Authority (FINRA) in 2014 and had his Certified Financial Planner designation and Certified Public Accountant license revoked for conduct unrelated to these new SEC charges.
Glick Accounting Services was named in the report, as well as 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.
David Glockner, director of the SEC’s Chicago Regional Office, commented:
As alleged in our complaint, Daniel Glick raised millions of dollars from elderly clients by claiming that he would pay their bills, handle their taxes, and invest on their behalf. In reality, Daniel Glick used much of their money to do what was best for Daniel Glick.
The court issued a temporary restraining order against Glick and FMS at the SEC’s request, and it issued an order freezing the assets of Glick, FMS and Glick Accounting Services.
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