Investment advisor gets 12 years for bilking clients out of $5.2 million

A Chicago investment advisor was sentenced to more than 12 years in federal prison for stealing $5.2 million from several clients.

From 2011 to 2017, 65-year-old Daniel Glick misappropriated the money while he owned three accounting and financial services firms in southwest suburban Orland Park, according to a statement from the U.S. Attorney’s Office for the Northern District of Illinois.

During the scheme, Glick gave forged checks and other phony documents to financial institutions and lied to clients about the use and safety of their investments, prosecutors said. Glick stole most of the money from elderly clients, including his wife’s parents and two people in nursing homes.

The misappropriated money was used to pay hundreds of thousands of dollars to two business associates, and to make “Ponzi-type” payments to clients, prosecutors said. Glick also used some of his ill-gotten gains to pay for business and personal expenses, like a Mercedes-Benz and his mortgage.

“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 pleaded guilty earlier this year to a single count of wire fraud, prosecutors said. He was sentenced to a 151-month prison sentence and ordered to pay back the money he stole.