Investment advisor Daniel Glick owned and operated Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd., through which he purportedly provided accounting, tax, investment, and financial services. From 2011 to 2017, federal prosecutors alleged that Glick furnished forged checks and other phony documents to financial institutions, lied to clients about the use and safety of their investments, and misappropriated client funds to pay hundreds of thousands of dollars to two business associates, and to make Ponzi-type payments to clients. Glick purportedly stole over $5 million largely from elderly clients and used some of the stolen funds to pay personal and business expenses, including the purchase of a Mercedes-Benz automobile and payment of his mortgage. After pleading guilty to one count of wire fraud, Glick was sentenced to 151 months in prison and ordered to pay $5.2 million in restitution.
In Securities and Exchange Commission v. John N. Milne, (08-CV-505, United States District Court for the District of Connecticut), in 2008, the SEC charged John N. Milne, former Chairman of United Rentals, Inc ("URI")., and others with fraud for engaging in a series of fraudulent transactions designed to meet URI's forecasts and analyst expectations. Milne was also indicted in a parallel federal criminal action. Pursuant to a guilty plea and settlement, a judgment was entered against Milne in the SEC's action ordering him, in part, to pay $6.25 million disgorgement and interest, on which he paid $1 million to the SEC. In his criminal case, the Court ordered him to pay the remaining $5.25 million to the SEC as a condition of his supervised release. In 2018, the Court found that Milne had the ability to pay more than the $500,000 that he had to date, as evidenced by his expenditures on luxury services, personal items, and travel. Despite being given the opportunity to make further payments, Milne failed and was sentenced to two years imprisonment for violating the conditions of his supervised release by failing to pay court-ordered disgorgement in a civil action brought by the Securities and Exchange Commission.