According to a plea agreement filed January 9th, 2018 in U.S. District Court, Daniel Glick was charged with, and pleaded guilty to, wire fraud. He could potentially be facing up to 10 to 15 years in prison. These criminal charges were filed against him on November 15th, 2017. Glick, a former Orland Park, Illinois investment advisor, allegedly stole more than $5 million from clients, including his elderly in-laws, in order to use it to fund personal expenses. As stated in his plea agreement filed in Chicago, Illinois, Mr. Glick defrauded several clients and financial institutions by misappropriating at least $5.2 million from them during a six-year period, from 2011 until 2017. During this time, Mr. Glick owned and operated Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd, which purported to provide investment and financial services to clients, as well as accounting and tax services.
Glick allegedly forged checks and other documents to financial institutions and falsely told his clients, which included his elderly mother and father in-law, and an individual in a nursing home, that their investments were safe and useful ones. Glick also allegedly obtained power of attorney from at least one of the clients. He used the ill-gotten gains to pay a home mortgage, two business loans and to purchase a Mercedes-Benz.
According to the charges, Glick forged signatures on letters and checks, including those of his in-laws, in order to make transfers of hundreds of thousands of dollars from their checking account to his company’s own. Another family allegedly paid him $700,000 in fees, even though he had already misappropriated hundreds of thousands of dollars of theirs, unbeknownst to them. Glick then used inflated interest and overstated the amount of the investments in account statements that he sent to investors, in order to perpetrate the scheme. He also allegedly made ponzi-like payments to clients, taking newly acquired money and giving it to original investors.