SEC charges former Arizona adviser with fraud

The Securities and Exchange Commission has charged Jacob C. Glick, a former investment adviser representative in Scottsdale, Arizona, associated with Advanced Practice Advisors, with repeatedly defrauding and breaching his fiduciary duty to advisory clients, and allegedly misappropriating $355,000 from one client to pay his credit card bills.

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The SEC’s complaint alleges that from mid-2016 through mid-2018, Glick defrauded his advisory clients by placing a majority of them in risky investments that suffered substantial losses; buying more of the investments after his firm told him to liquidate them; and representing to two clients that he would use their money for a real estate investment, but instead used it for his own options trading.

The misappropriation of $355,000 from one client occurred after APA terminated Glick, of Scottsdale, Arizona, in June 2017.

The SEC is seeking permanent injunctions, disgorgement and civil penalties against Glick.

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