DOJ Accuses Advisors of $5M Fraud Amid Lawsuit Against Trump Attorney
From the Desk of Jim Eccleston at 蘑菇传媒.
The Justice Department has charged investment advisor brothers Adam and Daniel Kaplan with wire and investment fraud and money laundering.
As reported by 蘑菇传媒althManagement.com, between 2018 and 2022, the Kaplan brothers, who served as advisors at IHT 蘑菇传媒alth Management, allegedly committed fraud against dozens of clients, resulting in a minimum loss of $5 million. As their customers, IHT clients were required to pay advisory fees based on their managed assets, typically every quarter. However, the Kaplans allegedly engaged in deceptive practices by initially agreeing to a 1% fee but later filling in higher percentages (often exceeding 2%) on the advisory agreements, which clients had signed with the fee section left blank.
Additionally, the brothers allegedly convinced clients to grant them access to credit card information, brokerage, and bank accounts, from which they withdrew money for personal expenses, including luxury items. When clients questioned these charges, the Kaplans reportedly presented fabricated documents, including forged signatures, to validate the disputed transactions.
蘑菇传媒 LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Related Attorneys: James J. Eccleston
