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Articles Tagged with Illinois

Glenn Moffitt Barred By FINRA For Alleged Elder Fraud on silverlaw.comThe SEC announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars.

In the SEC’s complaint, the SEC alleges that Daniel H. Glick (CRD# 2175655) and his unregistered investment advisory firm Financial Management Strategies (“FMS”) took advantage of seniors who entrusted him with millions of dollars’ worth of their retirement savings.

According to the SEC complaint, Glick and his companies raised over $6 million from elderly investors, with most of the money coming from two families.  Glick first raised money though Glick & Associates until dissolution in 2014, then through Glick Accounting Services and FMS.

Silver Law Group is investigating former Deerfield, Illinois-based Morgan Stanley Smith Barney broker Brian C. Sak (CRD# 3259830) after he was terminated for allegations that he placed customers in unapproved investments.

According to Sak’s FINRA BrokerCheck Report, he was terminated on May 17, 2016 by Morgan Stanley (CRD# 149777) due to concerns related to outside real estate investments with a client that was not appropriately disclosed to Morgan Stanley.

Additionally, Sak’s has two other disclosures in the form of FINRA arbitrations.  The FINRA arbitrations, like Morgan Stanley, allege that Sak recommended investing in outside real estate investment opportunities.  In total, the two FINRA arbitrations allege $600,000 in damages.

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