Daniel Howard Glick, of Orland Park, Illinois, an advisor associated with Financial Management Strategies and former stockbroker of Transamerica Financial Advisors, Inc., has been charged by the Securities and Exchange Commission in a Complaint alleging that Glick committed securities fraud. Securities and Exchange Commission v. Daniel H. Glick, et al., Civil Action No. 17-CV-2251 (N.D. Ill. Mar. 23, 2017).

According to the Complaint, Glick and Financial Management Strategies – an unregistered investment advisory – accumulated at least $6,000,000.00 from senior customers and then misappropriated most of the funds to pay for personal expenses, pay other investors, address debts and loans, and even buy a Mercedez-Benz. Apparently, false account statements had been provided by Financial Management Strategies in order to cover up the firm’s misappropriation.

SEC Public Disclosure confirms that a preliminary order was entered on April 6, 2017, enjoining Glick and Financial Management Strategies from committing violations of Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, as well as Investment Advisers Act of 1940 Sections 206(1) and 206(2).

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on November 15, 2017, Glick was charged with committing wire fraud; conduct violative of 18 USC § 1343. Case No. 17-CR-739 (N.D. Ill. Nov. 15, 2017).

Moreover, Glick has been barred from associating with any FINRA member in any capacity by consenting to findings that he obstructed a FINRA investigation into accusations that while Glick was associated with Transamerica Financial Advisors, Inc., he forged the signatures of customers on documentation to misappropriate the customers’ assets. Letter of Acceptance, Waiver and Consent, No. 2014040173501 (Mar. 27, 2014). According to the AWC, Glick refused to cooperate with FINRA staff by providing information and documentation. FINRA found Glick’s conduct violative of FINRA Rules 2010 and 8210.

Glick was fired from Transamerica Financial Advisors, Inc. on March 20, 2014, based upon allegations that he was permanently barred by the Certified Financial Planning Board from utilizing the CFP designation according to a settlement agreement.

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