Orland Park Investor Stole Millions From Elderly Clients: FEDS

CHICAGO, IL -- An Orland Park investor and financial advisor is accused of ripping off millions of dollars from elderly clients, including his own in-laws and a nursing home patient, according to criminal charges filed Wednesday in federal court. Daniel Glick, who owns three accounting and financial services firms in Orland Park, is said to have used some of the cash to pay his mortgage and to buy a luxury automobile. The 64-year-old Glick, of Chicago, has been charged with one count of wire fraud.

The criminal complaint states that Glick misappropriated at least $5.2 million from clients and financial institutions from 2011 to 2017. Glick is also accused of submitting forged checks and other phony documents to financial institution. Federal investigators said Glick lied to clients about their investments, claiming their money was safe. Most of the money Glick misappropriated belonged to elderly clients, including his own mother-in-law and father-in-law, and an individual in a nursing home, the U.S. attorney said. Glick reportedly used the funds to buy a Mercedes Benz, pay his mortgage and repay two business loans.

During the alleged scheme, Glick owned and operated three firms in Orland Park called Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd. Glick’s firms purported to provide accounting, tax, investment, and financial services, according to the charges. The feds said Glick forged his in-laws’ signatures on letters and checks, and allowed hundreds of thousands of dollars to be transferred from his in-laws’ checking account to his company’s checking account.

Federal investigators claimed Glick convinced another family to give him $700,000, even though he had already misappropriated hundreds of thousands of dollars from them without their knowledge. Glick is accused of giving his clients’ money to two business associates and making Ponzi-type payments to clients. Glick provided fake account statements to clients, the complaint said.

The charges are the result of an investigation by the office U.S. Attorney for the Northern District of Illinois and the Chicago office of the FBI. If convicted of the wire fraud charge, Glick faces up to 20 years in a federal prison. Glick’s arraignment in federal court has not yet taken place.