Chicago Investment Advisor Charged With Fraud For Misappropriating $5 Million In Client Funds

On Wednesday, November 15, 2017, it was announced that a Chicago investment advisor had been charged for allegedly stealing more than $5 million from several clients, including his elderly in-laws. Then, the client is accused of using the money on mortgage and a luxury automobile. 64-year-old Daniel Glick owned three accounting and financial services firms in Orland Park, Illinois. He is accused of misappropriating at least $5.2 million from clients and financial institutions from 2011 to 2017.

The criminal information filed in the United States District Court in Chicago claims that Glick provided forged checks and other fake documents to financial institutions. He is accused of lying to clients about the use and safety of their investments. A large portion of the money belonged to elderly clients, including the defendant’s mother and father-in-law. Another victim was residing in a nursing home.

The stolen funds were allegedly used to pay personal and businesses expenses. Daniel Glick has been charged with a single count of wire fraud. Arraignment for the defendant has not yet been scheduled. At this point in time, Daniel Glick remains innocent until proven guilty beyond a reasonable doubt in a court of law. If convicted, he will face a maximum penalty of twenty years in prison on the wire fraud charge.

Additional details can be found here.