Adam S Kaplan and Daniel E Kaplan Charged

Adam S Kaplan and Daniel E Kaplan, 35 year-old twin brothers who were both registered as brokers and financial advisors, have been charged by the Securities and Exchange Commission (SEC) with misappropriating more than $5 million from their clients. 

According to a recent article in Financial Advisor IQ, Adam S Kaplan and Daniel E Kaplan, allegedly engaged in illegal activities victimizing at least 60 clients, the SEC alleged in a lawsuit. The Kaplans were listed at Morgan Stanley in August 2016, and then Merrill Lynch in May 2017.  

According to the SEC, in May of 2018, after they were terminated by Merrill Lynch, they joined New York–based IHT Wealth Management, LLC. The twins allegedly began inflating fees they charged their clients, charging a fee of 1.25% to 2.95% to clients who had agreed to a fee of 1% or less. The SEC alleges, Adam S Kaplan and Daniel E Kaplan had clients sign advisory agreements in which the fee had been left blank and they could later allegedly insert a fee amount greater than the fee originally agreed on. The SEC states that this scheme involved at approximately 54 clients and netted the brothers at least $540,000. In July of 2021, IHT Management terminated the Kaplans. According to FINRA’s BrokerCheck, the twins had been discharged for allegedly overbilling clients.

Further allegations from the SEC stated that the Kaplans misappropriated client funds to cover their own lavish lifestyles for jewelry, hotels, clothing, etc. or used client funds as Ponzi like payments to customers who complained. The SEC alleges the misappropriated funds totaled at least $4.5 million. The SEC stated that the Kaplans had 277 clients, many of whom were friends and families.

After leaving IHT Wealth Management, the twins moved to Global Assets Advisory, based in Pompano Beach, Florida, for less than 10 weeks. According to BrokerCheck.  Adam S Kaplan and Daniel E Kaplan are currently not registered.

If you or a loved one have experienced financial losses due to the actions or recommendations of Adam S Kaplan and Daniel E Kaplan, contact the Pompano Beach, Florida-based, Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.