12-year sentence for investment adviser who scammed clients, including his elderly in-laws, feds say

April 18--An investment adviser who defrauded clients, including his elderly in-laws, through Orland Park businesses he operated was sentenced Tuesday to more than a dozen years in prison, according to the U.S. attorney's office in Chicago.

Daniel Glick, 65, of Chicago, stole $5.2 million from clients and used some of the money he had been entrusted to invest to buy a Mercedes-Benz, repay business loans and make payments on his mortgage, according to prosecutors.

Glick had been charged last fall with wire fraud and pleaded guilty earlier this year to the single charge, according to the U.S. attorney.

In addition to the 151-month sentence, Glick was make restitution of $5.2 million, according to a news release.

During the scheme, which began in early 2011 and continued until early 2017, Glick owned and operated Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd., all of which were located in Orland Park.

Glick told clients he would invest their money and also handle paying bills on their behalf, and prepared "false and misleading" account statements for them showing exaggerated investment balances, according to the government.

Most of the stolen money belonged to elderly clients, including Glick's mother-in-law and father-in-law and two individuals in nursing homes, according to prosecutors.

He had defrauded his in-laws out of hundreds of thousands of dollars by forging their signatures on letters and checks, allowing the transfer of their money into his business checking account, according to the government. Glick convinced one family to pay him $700,000 in fees for his services, even though, unbeknownst to them, he had already misappropriated hundreds of thousands of dollars from them, the U.S. attorney said in a news release at the time he was charged.

Glick also made "Ponzi-type payments" to clients, using money belonging to some clients to make payments for the benefit of other clients, according to the government. Although funds in one client's account had been siphoned off by him, Glick used money belonging to another client to pay the first client's nursing home expenses, according to prosecutors.

"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 also misappropriated client's investment funds to pay hundreds of thousands of dollars to two business associates, the government said.

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