Daniel Glick, a Chicago-Based investment adviser who bilked clients, including older investors, of $5.2M, has been sentenced to 151 months in prison. He also has to pay $5.2M in restitution. Glick’s Ponzi-like fraud took place between 2011 and 2016.
Glick, who is the owner of Glick Accounting Services Inc., Financial Management Strategies Inc., and Glick & Associates Ltd., pleaded guilty earlier this year to wire fraud. He told clients that not only would he invest their funds but also that he would pay their bills for them. He sent them account statements that were “false and misleading.”
Glick’s own family, including his wife’s parents, were among his victims. He defrauded them of hundreds of thousands of dollars. Another family paid him $700K in fees while he misappropriated hundreds of thousands of dollars. Clients’ funds were also used to pay two business associates.