Articles Tagged with Transamerica

If you lost money with Puerto Rico financial advisor Pedro Gonzalez-Seijo, Stoltmann Law Offices may be able to help you recover these losses. Gonzalez-Seijo, a registered representative of Transamerica Financial Advisors, Inc. from September 1991 through May 2016, solicited clients to purchase variable annuities, but instead deposited their money into his personal bank account. The Securities and Exchange Commission barred Gonzalez-Seijo from the securities industry on July 5, 2019. Through its investigation, the SEC found that he stole $480,813.15 from five clients between 2013 and 2016. He pled guilty to one count of bank fraud in the criminal action that was pending against him in the United States District Court for the District of Puerto Rico on January 31, 2019.

Rather than terminate Gonzalez-Seijo, Transamerica gave him a slap on the wrist when they discovered “unauthorized check withdrawals” in client accounts and permitted him to resign. He did not register with any other broker dealer after resigning from Transamerica in May 2016 and, given the bar imposed by the SEC last week, he will no longer be allowed to work in the securities industry in any capacity. According to his FINRA BrokerCheck Report, Gonzalez-Seijo also sold life insurance and annuities through PGS Insurance, Inc. There are two client complaints disclosed on his BrokerCheck report for this scheme, one has been closed and one is pending.

Stoltmann Law Offices is highly experienced in representing investors who lost money in similar theft and selling away, or “Ponzi” schemes. You can find information on just a few of those cases in which Stoltmann Law Offices successfully recovered their clients’ stolen assets, and in some cases attorney’s fees, costs, interest and punitive damages on our website. “Selling away” is when a broker sells an investment to clients that is either unregistered, or not approved by the brokerage firm. Common forms of these alleged investments are promissory notes, bonds, and limited partnerships. Often times the advisor uses a shell company to misappropriate client funds. In some cases the advisor will even represent that he is investing the money in publicly traded stocks and mutual funds and will go as far as creating phony account statements to hide the theft. If the broker is not properly supervised by his firm, he can engage in this scheme for a long enough time period to abscond with the money, leaving their clients with nothing by the time they discover that the investment was fake.

AdobeStock_91053286-1-300x194Last week, the Securities and Exchange Commission (SEC) announced an emergency asset freeze and temporary restraining order against Daniel H. Glick and Financial Management Strategies (FMS). The firm was unregistered and is being accused of scamming elderly investors out of millions of dollars. Mr. Glick allegedly took client money and used it on himself, purchasing a Mercedes-Benz, and paying off loans and debts. Mr. Glick told the elderly investors he would handle their taxes, invest their money and pay their bills. Glick was named in the complaint, as were Glick Accounting Services, David B. Slagter, his business partner and Edward H. Forte, his business acquaintance. The temporary restraining order was issued against Glick and FMS and the assets of Glick, FMS and Glick Accounting Services were frozen.

Mr. Glick was previously registered with Terra Securities Corp in Schaumburg, Illinois from September 1991 until May 1992, Long Grove Trading Co., WMA Securities, World Group Securities, World Equity Group in Orland Park, Illinois from May 2002 until July 2007, World Group Securities in Wheaton, Illinois from October 2007 until January 2012 and Transamerica Financial Advisors in Orland Park, Illinois from January 2012 until March 2014. He was terminated from Transamerica. He has been barred from the industry.

Please call our securities law firm today if you suffered losses with Daniel H. Glick. We are attorneys based in Chicago and Barrington, Illinois and we take cases on a contingency fee basis. Transamerica may be liable for losses, because brokerage firms have an ironclad obligation to reasonably supervise their employees. The call is free with no obligation. There is a statute of limitations on most cases, so please do not delay in calling. We try cases in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

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