SEC Obtains Injunction and Asset Freeze Against Daniel Glick

Daniel Glick - SEC Action

On April 13, 2017, the Securities and Exchange Commission (SEC) announced a preliminary injunction against Daniel Glick and his unregistered investment advisory firm Financial Management Strategies (FMS), continued the asset freeze in the name of the Defendants, and repeated its order that the Defendants repatriate foreign assets. The court also continued the freeze of assets held in the name of relief defendant Glick Accounting Services, Daniel Glicks company. The preliminary injunction order extended the terms of a temporary restraining order and asset freeze order that the court entered on March 23, 2017.

In the complaint filed on March 23, 2017, the Commission alleged that Daniel Glick and FMS raised more than $6 million from investors, and that Glick and FMS misappropriated a significant portion of the investor funds to, among other things, pay personal expenses, purchase a Mercedes-Benz, pay other investors, and pay off loans and debts. The complaint further alleged that Glick and FMS provided investors with false account statements to conceal the misappropriation. The complaint also named Glick’s business partner David B. Slagter, and Glick’s business acquaintance, Edward H. Forte, as relief defendants for the purposes of recovering client funds that Daniel Glick transferred or paid them in the form of advances or loans.

The April 6 order preliminarily enjoins Glick and FMS from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The order also preliminary enjoins Glick from exercising powers of attorney over client trusts and trust accounts.

For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956 or by email at info@securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.

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