The Rosca Scarlato LLC law firm attorneys are investigating the alleged misconduct of former investment adviser Jacob Glick. According to an SEC Complaint filed on January 15, 2021 by the United States District Court for the District of Arizona, Glick allegedly made unsuitable investments, misled clients, and misappropriated client funds.
Investors who are concerned they may have suffered a loss with Jacob Glick may contact an experienced securities lawyer at Rosca Scarlato LLC for a free, no obligation case evaluation and discussion of your options. Contact attorney Alan Rosca or one of his colleagues by calling 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
Concerned about investments with
The SEC Has Announced Regulatory Charges Against Jacob Glick
The SEC’s Complaint against Jacob C. Glick announced in a press release dated January 15, 2021 alleges that from approximately 2015 through 2018 Jacob Glick placed many of his advisory clients with moderate or conservative risk tolerances, in unsuitable and risky investments that resulted in over $1 million in significant losses. In addition, he allegedly failed to disclose the risks involved with these investments to his clients.
When Glick’s employer at the time, Advanced Practice Advisors, advised him to liquidate the risky investments, he instead bought more of the same investments in client accounts, as alleged in the SEC Complaint.
Jacob C. Glick also allegedly solicited two advisory clients to invest in a private placement offering by making false misrepresentations that he would use their money for a real estate investment, but he allegedly misappropriated $250,000 of the clients’ money and used it for his own personal use and to make trades in high-risk Rite Aide stock options, as alleged in the complaint.
Jacob Glick allegedly failed to disclose to his clients’ that he lost their money and to cover up his fraud, he allegedly used funds from another client to repay other clients, in an alleged Ponzi-like manner.
The complaint also alleges Jacob Glick misappropriated over $300,000 from an elderly client who allegedly had no trading or finance experience and limited retirement resources. The client allegedly wrote a check to Glick with the understanding that he would invest the funds and create an income for her.
Instead, Glick allegedly spent most of the client’s funds on personal expenditures and invested partial of the funds in a long-term real-estate investment that was unsuitable for the client.
As alleged in the complaint, Glick repeatedly violated his fiduciary duty, ignored the interests of his advisory clients, and defrauded his clients.
Jacob Glick’s alleged misconduct was in violation of antifraud provisions and as a result, the SEC is seeking a permanent injunction of prohibiting future violations, disgorgement of Glick’s ill-gotten gains plus prejudgment interest, and imposition of civil penalties, as stated in the complaint.
Jacob Glick investors concerned about their investments or that they may have suffered a loss at the hands of Jacob C. Glick may contact attorney Alan Rosca for a free, no-obligation discussion of potential options by calling 888-998-0530, or through the contact form on this webpage.
Jacob Glick Was Registered with FINRA Between 2006 and mid-2018
Arizona-based investment adviser Jacob Glick was registered as a broker with FINRA for eight years according to his FINRA Brokercheck report. Most recently he was registered as a broker with J.P. Morgan Securities located in Scottsdale, Arizona from October 2012 until September 2015.
He was previously employed with Chase Investment Services located in Scottsdale, Arizona from October 2010 until October 2012.
Glick was also registered as an Investment Adviser with IGA Capital located in Scottsdale, Arizona from June 2017 until May 2018 according to his IAPD report.
He was also a registered Investment Adviser with Advanced Practice Advisors (APA) located in La Quinta, California from September 2015 until June 2017.
Glick was discharged from APA in June 2017 on allegations of reckless disregard for determining client suitability, failure to remedy client exposure to speculative positions after compliance warnings, failure to comply with firm policies and procedures, and trading ahead of clients, according to his Brokercheck report.
Investors who are concerned they suffered a loss with Jacob Glick may contact attorney Alan Rosca for a free consultation and discussion of potential options by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Glick Subject to a Settled Customer Dispute Disclosure
A Jacob Glick customer filed a dispute in May 2008 alleging unsuitable recommendation regarding a mutual fund purchased in March 2007. The customer was seeking $25,203.61 for the alleged damages and received a settlement in July 2008 to the tune of $20,000 according to his Brokercheck report.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Concerned about investments with
Investor Rights Attorneys May Be Able to Help
The investor rights attorneys at Rosca Scarlato law firm have extensive experience in representing the interest of investors who suffered losses as a result of broker misconduct and investment-related fraud. We are currently investigating former investment adviser Jacob Glick’s alleged misconduct and breach of fiduciary duty to his advisory clients.
The firm takes most cases on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, an investors loss attorney and adjunct professor of securities regulation, has represented numerous victimized investors in cases ranging from arbitrations to class actions.
Investors who are concerned they may have suffered losses at a result of Glick’s alleged misconduct may contact attorney Alan Rosca or his colleagues for a free, no-obligation evaluation of their options, by calling 888-998-0530, email at arosca@rscounsel.law, or fill out the contact form on this page.