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

June 29, 2018 Blog

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 senior investors, sadly, fraudulent scams continue to be a significant concern for older individuals. From Ponzi schemes to unscrupulous advisory practices, various forms of senior investment fraud appear to be on the rise.

Avoiding Losses Due to Investment Fraud as a Senior Investor

As a senior who relies on income from your 401k, IRA, pension, or investment portfolio to fund your retirement, what can you do to mitigate your risk of fraudulent losses? Our financial fraud lawyers recommend:

1. Know Your Broker or Advisor

Do not invest with anyone you do not know. Ignore unsolicited inquiries; and, if you are thinking about investing with someone new, make sure he or she has solid client references.

2. Do Your Own Investment Research

If you invest with a broker, your broker does not have to recommend investments that are in your best interests. If you are being targeted in a fraud scam, the perpetrator will only give you the information he or she wants you to know. As a result, before investing, it is imperative that you do your own independent research.

3. Ignore “Opportunities” that Promise Above-Average Returns

No one, no one, can guarantee above-average returns. If someone is promising to make you wealthy, he or she is almost certainly not a legitimate broker or advisor.

4. Check on Your Investments Regularly

If you receive paper account statements in the mail, review them carefully, and compare your holdings from month to month. If you can access our account online, log in and review your portfolio on a regular basis.

5. Take Action at the First Potential Sign of Fraud

Finally, if you see signs of potential fraudulent activity, you should take action right away. It is far better to be wrong and seek help than it is to be right and do nothing. At Zamansky, LLC, we offer complimentary consultations, and we can take action immediately if necessary to protect you against investment fraud.

Speak With a Financial Fraud Lawyer at Zamansky, LLC

If you have concerns and would like to speak with an attorney, we encourage you to contact us promptly. To speak with one of our experienced financial fraud lawyers in confidence, please call (646) 663-5628 or tell us how we can help online today.