A Chicago investment adviser was sentenced to 151 months in federal prison April 17 for bilking numerous elderly clients out of at least $5.2 million.

Daniel Glick, 65, who pleaded guilty to one count of wire fraud earlier this year, was sentenced to 151 months in prison by U.S. District Judge Robert W. Gettleman

Prosecutors say Glick used his ownership of three Orland Park accounting and financial firms to operate a “Ponzi-like scheme” over the last six years. He passed forged checks and other phony documents to various financial institutions, and gave his alleged victims phony account statements to cover his alleged thefts.

Glick used stolen funds to buy a new Mercedes-Benz automobile, pay his mortgage and repay two business loans. He also used money from clients’ funds to pay back a woman who prosecutors say discovered he had misappropriated her money.

“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.”

Stern said Glick, “falsely inflated the amount of cash available, the amount of stock purchased for certain clients, and the amount of interest earned” in more than a dozen Israeli companies in which he supposedly invested.

Glick reportedly forged his mother-in-law’s and father-in-law’s signatures on letters and checks to siphon hundreds of thousands of dollars from their accounts.

Glick misappropriated more than $1 million from another family, and conned members of yet another family into paying him $700,000 in fees, despite his having allegedly already misappropriated hundreds of thousands of dollars from their account.

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