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Mar 29, 2017

SEC Press Release - March 29, 2017: Daniel H.Glick, et al



sec.gov

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23794 / March 29, 2017

Securities and Exchange Commission v. Daniel H. Glick, et al, Civil Action No. 17-CV-2251 (N.D. Ill.)

SEC Obtains TRO and Asset Freeze in Investment Scheme Involving Seniors

The Securities and Exchange Commission today announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars.
The SEC alleges 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 SEC's complaint, Glick was barred by FINRA in 2014 and had his Certified Financial Planner designation and Certified Public Accountant license revoked for conduct unrelated to today's SEC charges.
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 complaint alleges that Glick and FMS violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.
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.
The SEC's investigation, which is continuing, is being conducted by Michelle Muñoz Durk and John Kustusch, and the case is being supervised by Jeffrey A. Shank. The SEC's litigation will be led by Steven C. Seeger. The SEC's examination that led to the investigation was conducted by Terrence Bohan, Michael Altschuler, and Christine Little, and it was supervised by Rosanne Smith.