Chicago adviser Daniel H. Glick sentenced to 12 1/2 years for fraud
Ordered to pay $5.2 million in restitution.
Daniel H. Glick, a Chicago-based investment adviser, was sentenced to 12 1/2 years in prison and ordered to pay $5.2 million in restitution in a criminal case stemming from a civil action by the SEC.
In March 2017, the Securities and Exchange Commission charged Mr. Glick and his unregistered investment advisory firm, Financial Management Strategies, with false account statements that hid Mr. Glick’s improper use of client funds to pay personal expenses and his improper transfers of funds to two other individuals.
The court’s judgments include permanent injunctive relief, repatriation of assets and orders to pay disgorgement and civil penalties in amounts to be determined later by the court.
Last November, the United States Attorney’s Office in Chicago charged Mr. Glick with one count of wire fraud, saying that from at least 2011 through 2017, he furnished forged checks and other phony documents to financial institutions, and lied to clients about the use and safety of their investments.
Most of the funds that Mr. Glick misappropriated belonged to elderly clients, including his mother-in-law and father-in-law and an individual in a nursing home, the SEC said in a litigation release, which noted that Mr. Glick used some of the stolen funds to pay personal and business expenses.
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