Daniel H. Glick Allegedly Operated a Multi-million Dollar Scheme which Purportedly Took Advantage of Senior Citizens; Glick Obtained Power of Attorney on Behalf of His Senior Clients and His Companies Allegedly Diverted Investor Funds for Improper Purposes
Daniel Glick allegedly ran a multi-million dollar scheme which allegedly took advantage of senior citizens, according to an SEC Complaint currently under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf Carr & Kane securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Daniel Glick’s alleged investment fraud.
Investors who believe they may have lost money in activity related to Daniel Glick’s alleged investment fraud are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Investors had entrusted Daniel Glick, defendant Financial Management Strategies, and relief defendant Glick Accounting Services with millions of dollars. Daniel Glick, a Chicago-based investment advisor, in turn allegedly exploited family members of the senior citizens who had entrusted him with their retirement savings, said SEC Complaint notes.
Glick was allegedly given large sums to invest and also either obtained the power of attorney or held de facto control over bank accounts with significant deposits, the Complaint states.
Daniel Glick also allegedly made claims to elderly investors that he would pay their bills, take care of their taxes, and invest on their behalf, according to said SEC Complaint.
Glick and his companies held a relationship of “trust and confidence” with investors, and also agreed to use investor funds for the best interest of the investors, the majority of whom came from two specific families, the SEC Complaint states.
Hence, Glick and his companies had an obligation to use said investors’ funds for the benefit of the investors, and not for the benefice of themselves, the SEC notes.
Glick and his companies allegedly abused their position of trust by diverting investor funds for improper purposes, the SEC states. Glick and his companies also allegedly misappropriated money from the investors, the SEC Complaint reports.
Glick and said companies also allegedly did not adequately maintain investor funds in segregated accounts, which means that specific accounts should be dedicated to specific investors, according to the SEC Complaint.
The Peiffer Wolf Carr & Kane securities lawyers are currently investigating Daniel Glick’s alleged investment fraud.
Daniel Glick and His Companies Allegedly Pooled or Commingled Investor Funds with Personal Funds and Business Funds and also Allegedly Used Investor Funds for Improper Usage
Daniel Glick and his companies allegedly pooled or commingled investor funds with personal funds and business funds and also allegedly improperly used investor funds, according to the aforementioned SEC Complaint currently under review by attorneys Joe Peiffer and James Booker.
Glick allegedly diverted big amounts of said investor funds to the relief defendants and also allegedly spent investor funds for personal expenses, the SEC Complaint states.
The SEC Complaint further details how Glick allegedly sent large sums of cash to his friends and business associates, relief defendants Edward Forte and David Slagter, the SEC reports.
Glick, on multiple occasions, allegedly sent money to the aforementioned relief defendants shortly after receiving money from the investors, the Complaint notes. The cash that Forte and Slagter allegedly received is largely ascribable to the funds that Glick received from investors, the Complaint states.
Daniel Glick not only allegedly used investor funds to repay other investors and also allegedly used investor funds for his personal use, the Complaint notes. Glick, for example, allegedly used investor funds to buy a Mercedes for his company, the Complaint notes.
What is more, said defendants also allegedly gave deceptive information to the investors regarding their investments, which included the amount of remaining cash, the nature of their investments, and the security of their money, the SEC Complaint reports.
Glick prepared so-called “investment summaries”, his version of account statements for a number of the investors, the SEC Complaint notes.
These so-called investments summaries, in turns out, allegedly claimed to summarize how Glick had invested their money, but actually presented false information regarding the use of their funds, the SEC Complaint states. Said account statements allegedly made overstatements regarding the amount of the investments, available cash, and available interest, the SEC Complaint notes.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating Daniel Glick’s alleged investment fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Daniel Glick’s alleged investment fraud may contact the securities lawyers at Peiffer Wolf Carr & Kane, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at jpeiffer@pwcklegal.com or jbooker@pwcklegal.com.