\t\t\t\tThe US Securities and Exchange Commission is accusing investment adviser Daniel H. Glick and his unregistered firm, Financial Management Strategies, of bilking older investors of millions of dollars. The regulator issued a temporary restraining order against the Chicago-based investment adviser, as well as an emergency asset freeze. <\/p>\n
According to the Commission, Glick and his firm gave false account statements to clients to conceal his use of their money, which included paying for his own personal and business expenses. He allegedly raised millions of dollars from older investors by saying he would do their taxes, pay their bills, and make investments for them. After investors would give Glick huge sums of money to invest, he either obtained power of attorney or took over control of their bank accounts.<\/p>\n
In its complaint, the SEC stated claims that Glick not only took advantage of seniors who trusted him with their retirement funds but also he allegedly exploited these clients\u2019 family members. Most of his investors, said the regulator, belonged to two distinct families.<\/p>\n