Investment Advisor Sentenced to Over 12 Years in Prison, $5.2 Million in Restitution for Fraud

Last year, we reported on a case in which the Securities and Exchange Commission (SEC) was pursuing charges against a Chicago investment advisor, Daniel H. Glick, for allegedly defrauding senior investors out of millions of dollars and using their savings to fund his own lavish lifestyle. Federal prosecutors pursued criminal charges against Glick as well; and, recently, a federal judge in Illinois sentenced Glick to 151 months in prison and ordered him to pay $5.2 million in restitution to his victims. In conjunction with his conviction, Glick agreed to settle his civil case with the SEC. Under the terms of the settlement, Glick and his related entities Financial Management Strategies Inc. and Glick Accounting Services Inc. will face, “permanent injunctive relief, repatriation of assets, and orders to pay disgorgement and civil penalties in amounts to be determined by the Court.” While it is good news that this individual will not longer be able to take advantage of…

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