(HedgeCo.Net) An emergency asset freeze and temporary restraining order has been filed 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\u2019s use of client funds to pay personal and business expenses, purchase a Mercedes-Benz, and pay off loans and debts among other misuses.<\/p>\n
According to the SEC\u2019s 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\u2019s SEC charges.<\/p>\n
\u201cAs alleged in our complaint, Daniel Glick raised millions of dollars from elderly clients by claiming that he would pay their bills, handle their taxes, and invest on their behalf. In reality, Daniel Glick used much of their money to do what was best for Daniel Glick,\u201d said David Glockner, Director of the SEC\u2019s Chicago Regional Office.<\/p>\n
The SEC\u2019s complaint also names Glick Accounting Services, Glick\u2019s business partner David B. Slagter, and Glick\u2019s 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.<\/p>\n
The court issued a temporary restraining order against Glick and FMS at the SEC\u2019s request, and issued an order freezing the assets of Glick, FMS, and Glick Accounting Services.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) An emergency asset freeze and temporary restraining order has been filed 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 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-57224","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/57224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=57224"}],"version-history":[{"count":4,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/57224\/revisions"}],"predecessor-version":[{"id":57246,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/57224\/revisions\/57246"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=57224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=57224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=57224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}