Were you the victim of the Ponzi scheme orchestrated by former TransAmerica Financial Advisors, Inc. financial advisor Daniel Glick (CRD# 2175655)? Glick was registered with TransAmerica Financial Advisors, Inc. in Orland Park, Illinois from 2012 to 2014, when he was terminated regarding, “TFA found Mr. Glick failed to disclose to the firm his entrance into a settlement agreement with the CFP board, and that he was permanently barred from using the CFP designation. Mr. Glick’s registration with TFA was terminated effective March 20, 2014.” Previously, Glick was registered with World Group Securities, Inc. in Wheaton, Illinois from 2007 to 2012.
In May 2018, the Securities and Exchange Commission (SEC) barred Glick in connection with the purchase or sale of securities between 2011 and 2016. It is alleged that Glick “misused and misappropriated investor funds, prepared and distributed false account statements that misrepresented the investments made and the amount invested, and otherwise engaged in a variety of conduct which operated as a fraud and deceit on investors.”
In January 2018, Glick pled guilty to one count of wire fraud. In April 2018, Glick was sentenced to 151 months in prison and was ordered to make restitution in the amount of $5,206,432.09.
According to the SEC complaint, “Glick admitted, among other things that from 2011 through 2017: (a) he engaged in a fraudulent scheme designed to benefit himself and his companies to the financial detriment of clients and two financial institutions; (b) as part of his scheme, Glick misappropriated at least several million dollars of funds from clients and financial institutions, and lied to clients about the use, status and safety of their invested funds; and (c) he created and provided false and misleading account statements to clients and made Ponzi-type payments to clients.”
It is reported that in March 2017, the Securities and Exchange Commission ordered an emergency asset freeze and temporary restraining order against Glick and his financial management company, Financial Management Strategies, following accusations that Glick scammed elderly investors out of millions of dollars. Financial Management Strategies is an unregistered investment advisory firm. The SEC alleges that Glick and his firm provided clients with false account statements to hide his use of client funds to pay personal and business expenses, purchasing a luxury vehicle, and pay off loans and debts among other misuses.
It is also reported that in March 2014, Glick was barred by FINRA in 2014 and had his Certified Financial Planner designation and Certified Public Accountant license after he consented to the sanction and to the entry of findings that in the course of an investigation, FINRA requested documents and information from Glick, concerning findings by the certified financial planner board of standards that he forged clients’ signatures on letters to a bank in order to gain access to, and misappropriate, their assets.
Glick has been the subject of two customer complaints in 2018, according to his CRD report:
- March 2018. “Claimant alleges that the former representative misappropriated funds provided to him for investments in financial planning endeavors and in real estate.” The customer is seeking $200,000 in damages and the case is currently pending.
- February 2018. “Claimants allege that former representative misappropriated funds provided to him for investments. Additionally claimants alleged the former representative accessed the funds for personal.” The customer is seeking $6,429,938 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, TransAmerica Financial Advisors, Inc. may be liable for investment or other losses suffered by Glick’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.