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Litigation Release No. 25011 / January 19, 2021 Securities and Exchange Commission v. Jacob C. Glick, Civil Action No. 21-CV-00075-JJT, (D. Ariz. filed January 15, 2021) The Securities and Exchange Commission announced charges against Jacob C. Glick of Scottsdale, Arizona, a former investment adviser representative associated with Advanced Practice Advisors, LLC (APA), for repeatedly defrauding and breaching his fiduciary duty to advisory clients. The SEC s complaint alleges that from mid-2016 through mid-2018, Glick defrauded his advisory clients in three different ways. First, Glick allegedly placed the majority of his clients, many of whom had moderate or conservative risk tolerances, in unsuitable and risky investments that resulted in substantial losses. In addition, Glick failed to disclose the risks involved in these investments to clients. As also alleged in the complaint, after APA told Glick to liquidate the risky investments, he instead bought more of the ....
Litigation Release No. 25010 / January 19, 2021 Securities and Exchange Commission v. Michael Sztrom, David Sztrom, and Sztrom Wealth Management, Inc., Civil Action No. 21-CV-00086-H-RBB (S.D. Cal. filed January 15, 2021) The Securities and Exchange Commission charged father and son investment advisers, Michael and David Sztrom of Rancho Santa Fe, California, and their company Sztrom Wealth Management, Inc., with defrauding advisory clients by creating the false impression that Michael Sztrom was associated with registered investment adviser Advanced Practice Advisors, LLC (APA). The SEC s complaint alleges that, from November 2015 through March 2018, David and Michael Sztrom provided investment advice to clients through Sztrom Wealth Management (SWM). As alleged, David and Michael Sztrom concealed from clients that Michael Sztrom was not associated with APA or any registered investment adviser and was not subject to compliance oversight by APA or any other firm. As ....