Daniel Howard Glick, of Orland Park, Illinois, an advisor associated with Financial Management Strategies and former stockbroker of Transamerica Financial Advisors, Inc., has been charged by the Securities and Exchange Commission in a Complaint alleging that Glick committed securities fraud. Securities and Exchange Commission v. Daniel H. Glick, et al., Civil Action No. 17-CV-2251 (N.D. Ill. Mar. 23, 2017).
According to the Complaint, Glick and Financial Management Strategies – an unregistered investment advisory – accumulated at least $6,000,000.00 from senior customers and then misappropriated most of the funds to pay for personal expenses, pay other investors, address debts and loans, and even buy a Mercedez-Benz. Apparently, false account statements had been provided by Financial Management Strategies in order to cover up the firm’s misappropriation.
SEC Public Disclosure confirms that a preliminary order was entered on April 6, 2017, enjoining Glick and Financial Management Strategies from committing violations of Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, as well as Investment Advisers Act of 1940 Sections 206(1) and 206(2).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on November 15, 2017, Glick was charged with committing wire fraud; conduct violative of 18 USC § 1343. Case No. 17-CR-739 (N.D. Ill. Nov. 15, 2017).
Moreover, Glick has been barred from associating with any FINRA member in any capacity by consenting to findings that he obstructed a FINRA investigation into accusations that while Glick was associated with Transamerica Financial Advisors, Inc., he forged the signatures of customers on documentation to misappropriate the customers’ assets. Letter of Acceptance, Waiver and Consent, No. 2014040173501 (Mar. 27, 2014). According to the AWC, Glick refused to cooperate with FINRA staff by providing information and documentation. FINRA found Glick’s conduct violative of FINRA Rules 2010 and 8210.
Glick was fired from Transamerica Financial Advisors, Inc. on March 20, 2014, based upon allegations that he was permanently barred by the Certified Financial Planning Board from utilizing the CFP designation according to a settlement agreement.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
