Daniel Glick, ex-Broker and Investment Advisor, Sentenced to More Than 12 Years for Stealing $5.2 Million from Clients

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On April 17, 2018, the U.S. District Court for the Northern District of Illinois entered a judgement against Glick in the Securities and Exchange Commission’s civil action against him alleging fraud.

That same day, the U.S. Attorney’s Office for the Northern District of Illinois announced that Daniel Glick was sentenced to more than 12 years in federal prison for stealing from his clients.

The US Attorney’s Office said, from 2011 to 2017, Glick stole $5.2 million of his clients’ funds, some of which he used to purchase a Mercedes-Benz, repay his business loans, and pay his mortgage.  He also used client funds to make Ponzi-like payments to clients to conceal his fraud, said prosecutors.

During the fraud, Glick owned and operated Financial Management Strategies Inc., an unregistered investment advisor firm, as well as Glick Accounting Services Inc. and Glick & Associates Ltd.  His firms were based in Orland Park, Illinois.

Through March 2014, Glick was also a registered representative of Transamerica Financial Advisors, Inc., a broker-dealer regulated by the Financial Industry Regulatory Authority, Inc. (FINRA).

In March 2014, FINRA announced that it permanently barred Glick from associating with firms registered with FINRA.  According to FINRA records, it barred Glick because he declined to produce documents in FINRA’s investigation “concerning findings by the Certified Financial Planner Board of Standards in November 2013 that Glick forged his clients’ signatures on letters to a bank in order to gain access to, and misappropriate, their assets.”

FINRA records also state that two of Glick’s former clients filed arbitration claims against Transamerica, which seek recoveries for funds Glick allegedly misappropriated from the clients.  The claims were filed in January 2018 and February 2018 and remain pending.

If you began investing with Daniel Glick prior to March 2014 and suffered losses, Marquardt Law Office LLC is interested in speaking with you.  Contact the firm to speak with a securities attorney and receive a free case evaluation.

Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.

Adam J. Marquardt

Adam Marquardt represents investors in securities litigation claims such as unsuitable investments, negligence, and fraud. He is dedicated to recovering financial losses for investors, primarily through FINRA arbitration. Adam’s background includes experience as a FINRA regulator, an accountant and auditor, and an attorney who recovered $8 million litigating cases involving fraudulent financial practices. Adam previously passed the Certified Public Accountant (CPA) exam and is an attorney licensed in Illinois.

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