Chicago Investment Advisor Sentenced to More Than 12 Years in Federal Prison for Misappropriating $5.2 Million in Client Funds
CHICAGO — A Chicago investment advisor was sentenced today to more than 12 years in federal prison for stealing $5.2 million from several clients, including his elderly in-laws.
DANIEL GLICK, who owned three accounting and financial services firms in Orland Park, Ill., misappropriated the money from 2011 to 2017. Most of the money belonged to elderly clients, including Glick’s mother-in-law and father-in-law and two individuals in nursing homes. He used some of the stolen funds to pay personal and business expenses, including the purchase of a Mercedes-Benz automobile and payment of his mortgage.
U.S. District Judge Robert W. Gettleman imposed a 151-month prison sentence and ordered Glick to pay $5.2 million in restitution. Glick, 65, of Chicago, pleaded guilty earlier this year to one count of wire fraud.
The sentence was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; Jeffrey S. Sallet, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation; and Bill Hedrick, Acting Inspector-in-Charge of the U.S. Postal Inspection Service in Chicago. The U.S. Securities and Exchange Commission and the Illinois Attorney General’s Office provided valuable assistance.
“Criminal conduct was a pervasive part of Glick’s business,” Assistant U.S. Attorney Jacqueline Stern argued in the government’s sentencing memorandum. “The victims have been devastated by the loss of their money.”
Glick owned and operated Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd. The firms purported to provide accounting, tax, investment, and financial services. During the scheme, Glick furnished forged checks and other phony documents to financial institutions, and he lied to clients about the use and safety of their investments. He also misappropriated client funds to pay hundreds of thousands of dollars to two business associates, and to make Ponzi-type payments to clients.