SEC v. Jacob C. Glick (2021)

Judgment entered

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In January 2021 the SEC sued adviser Jacob Glick over breaches of his duties to advisory clients. After the court granted summary judgment to the SEC in August 2022, it entered a final judgment on 18 October 2022 with injunctions, US$116,594 in disgorgement, US$26,314 in interest and a US$725,140 penalty.

The record

What was ordered

Civil penalty

$725k

Disgorgement

$117k

Prejudgment interest

$26.3k

Total relief

$868k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC announced the complaint on January 19, 2021 (LR-25011) in the District of Arizona, covering mid-2016 to mid-2018. Glick allegedly used client money for his own options trading and to pay purported interest, and used part of the widow's money to repay other clients in Ponzi-like fashion.

The Ponzi tag is removed because the release describes unsuitable investments and misappropriation, with Ponzi-like repayments in one sentence.

Outcome. The District of Arizona's final judgment of 18 October 2022 followed an order of 15 August 2022 granting the SEC summary judgment, in which the court found that Glick had violated the Advisers Act and Exchange Act provisions the SEC cited. The judgment enjoins him from further violations, and orders disgorgement of US$116,594, prejudgment interest of US$26,314 and civil penalties of US$725,140, calculated as three third-tier penalties totalling US$207,183 each and a second-tier penalty of US$103,591. Glick did not oppose the SEC's remedies motion.

This was a contested resolution, unlike a consent. The judgment does not mention a criminal case.

Timeline

1. 2021-01-19 Litigation release published
2. 2022-10-18 Final judgment after summary judgment: disgorgement, interest and penalties

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• Final judgment as to Jacob C. Glick (18 October 2022)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.