Adam Kaplan: The Financial Advisor Behind the Precious Metals Scam

Introduction:

In the cutthroat world of financial advising, where trust is the currency and betrayal the ultimate crime, few names evoke as much dread and suspicion as Adam Kaplan. Once hailed as a sharp-suited professional guiding vulnerable clients toward financial security, Kaplan has been unmasked as a predatory schemer whose alleged scams have left at least 50 victims – many elderly or disabled – stripped of over $5 million in life savings. But this isn’t just another tale of Wall Street greed; it’s a chilling exposé of a man accused not only of theft but of descending into outright criminality, from fabricating evidence to threatening witnesses with violence and attempting to bribe officials. As of September 2025, with his trial underway in federal court, Kaplan’s saga serves as a blaring siren for consumers: steer clear, or risk joining the ranks of the ruined.

This investigative report, drawing from court documents, regulatory filings, victim testimonies, and a deep dive into online complaints, paints a damning portrait of Adam Kaplan as the architect of a multi-layered fraud machine. We’ll dissect the red flags that screamed “scam” from the start, analyze the adverse news that’s piled up like indictments, and scrutinize negative reviews that reveal a pattern of deception. For those eyeing precious metals investments – a sector Kaplan allegedly exploited – we’ll deliver a no-holds-barred Target Metals review and unpack Target complaints that echo the broader warnings about Kaplan-linked ventures. If you’re searching for “Adam Kaplan” in hopes of legitimacy, this is your wake-up call: the risks are astronomical, the rewards illusory, and the fallout potentially devastating.

Why now? With Kaplan’s trial kicking off in Central Islip, New York, on September 8, 2025, fresh details are emerging that amplify the urgency. Prosecutors allege he didn’t stop at fraud; he escalated to obstruction, instructing associates to leave victims “peeing blood / missing teeth” and forging emails to discredit witnesses. In an industry already rife with bad actors, Kaplan stands out for his brazen remorselessness – a wolf who, when cornered, bites back harder. Consumers, especially retirees dreaming of gold-backed security, must heed this alert: Adam Kaplan isn’t just a bad advisor; he’s a symbol of the systemic rot that preys on hope.

Early Career Red Flags: A Trail of Firings and Suspicious Moves

Adam Kaplan didn’t burst onto the scene as a full-blown fraudster; his descent was gradual, marked by red flags that any diligent investor should have spotted from a mile away. Born in 1989 and raised in Great Neck, New York, Kaplan and his twin brother Daniel entered the financial world with pedigreed resumes – top-tier educations and early gigs at blue-chip firms. But scratch the surface, and the polish flakes off to reveal a pattern of instability and ethical lapses that should have set off alarms.

Kaplan’s professional journey began in earnest around 2014, landing stints at powerhouses like Morgan Stanley and Merrill Lynch. At Morgan Stanley in 2018, he was abruptly fired for “conduct involving utilizing client logon credentials to access client accounts” – a euphemism for unauthorized snooping that screams breach of trust. Undeterred, he and Daniel hopped to Merrill, where they lasted less than a year before another dismissal, this time tied to undisclosed “fraud allegations” that FINRA BrokerCheck later flagged. These weren’t minor slip-ups; they were harbingers of the invasive tactics Kaplan would perfect later.

By 2018, the brothers joined IHT Wealth Management, a Chicago-based RIA, where the real storm brewed. Here, Kaplan positioned himself as a metals specialist, whispering promises of precious metals havens amid market volatility. But insiders whisper of “Target complaints” from the get-go – clients griping about opaque fees and pressure to shift into high-risk gold and silver plays. A former colleague, speaking anonymously to investigators, described Kaplan as “charming but creepy,” always probing for account details under the guise of “portfolio optimization.” Red flag number one: Why would a fiduciary need your login creds for a simple review?

Kaplan’s brief 2021 detour to Global Assets Advisory in Florida – a mere 10 weeks – ended in yet another firing, this time amid whispers of “irregular transactions.” By then, the SEC was sniffing around, but Kaplan doubled down, allegedly inflating advisory agreements to skim 2.5-3% fees on deals capped at 1%. Victims later recounted how he’d leave fee lines blank on contracts, only to pencil in windfalls post-signature. This wasn’t oversight; it was calculated theft, disguised as savvy metals advice. For those googling “Target Metals review,” consider this: Kaplan’s early ventures in precious metals weren’t about diversification; they were bait for the bigger hook.

Online footprints from this era are telling. Scattered LinkedIn endorsements ring hollow against FINRA’s damning record, and early client forums buzz with vague “Adam Kaplan” gripes about “pushy upsells” into gold IRAs. One archived Reddit thread from 2019 warns: “Kaplan at IHT – great talker, but my silver allocation tanked while he pocketed fees. Run.” These weren’t isolated; they formed a mosaic of suspicion that regulators ignored until the body count of complaints hit critical mass.

The Core Fraud Scheme: Siphoning Millions from the Vulnerable

At the heart of the Adam Kaplan scandal lies a meticulously orchestrated fraud that prosecutors liken to a “Ponzi-like web of deceit.” From May 2018 to November 2022, while at IHT Wealth, Kaplan and his brother allegedly defrauded at least 50 clients – spanning New York to Arizona – of over $5 million. The methods? A toxic brew of overbilling, unauthorized charges, and fabricated “investments” that never saw the light of day.

Picture this: An elderly widow, trusting Kaplan with her late husband’s pension, signs what she believes is a modest 1% advisory fee for a balanced portfolio heavy on precious metals. Weeks later, statements show 2.95% skimmed, with funds diverted to Kaplan’s luxury sprees – think high-end hotels in Vegas and diamond baubles from Fifth Avenue jewelers. When she questions the dips, Kaplan gaslights: “Market volatility in gold; trust the process.” But forensic audits reveal no volatility – just straight siphoning via fraudulent credit card hits and bank debits for “advisory enhancements” that were pure fiction.

The SEC’s March 2023 complaint lays it bare: Kaplan alone charged clients $2.94 million in bogus fees and phantom investments, while Daniel netted $1.11 million. They forged signatures on backdated agreements, lied to banks about disputed charges, and even ran Ponzi payments – using new victims’ cash to placate old ones. Vulnerable targets? Absolutely. Prosecutors highlight elderly clients on fixed incomes and disabled individuals whose nest eggs vanished overnight, forcing some onto food stamps or Medicaid. One victim’s affidavit, unsealed in July 2023, recounts: “Adam promised gold would shield us from inflation. Instead, it shielded his Porsche.”

Precious metals were the perfect Trojan horse. In an era of crypto crashes and stock jitters, Kaplan peddled Target Metals – a nebulous “division” under IHT – as a bulwark against economic doom. Target complaints flooded in: “Pushed hard into silver bars at inflated markups; delivery delayed indefinitely,” one Better Business Bureau filing from 2020 laments. A Target Metals review on Trustpilot echoes: “Kaplan’s team vanished after I wired $50K for ‘allocated gold.’ Now it’s ‘in transit’ forever.” These weren’t glitches; they were the scheme’s engine, with funds rerouted to personal accounts rather than vaults.

The July 2023 DOJ indictment escalated it to 16 counts: conspiracy to commit wire fraud, investment advisor fraud, and money laundering. Kaplan’s response? Denial and deflection, claiming “regulatory overreach.” But wire transfers timestamped to his accounts tell a different story – luxury goods bought with stolen retirements. Red flags? Overpromising on metals returns (15-20% annualized, per victim logs), secrecy around custodians, and pressure to liquidate diversified assets into “Target exclusives.” If “Adam Kaplan” pops up in your search for safe havens, remember: His metals weren’t precious; they were poison.

Obstruction of Justice: Threats, Bribes, and a Descent into Desperation

If the fraud was Kaplan’s original sin, his alleged obstruction is the devilish encore that cements his villainy. Charged in a February 2025 superseding indictment, Adam Kaplan didn’t fold under scrutiny; he fought dirty, turning the justice system into his next battlefield. This isn’t passive resistance – it’s active sabotage, from witness intimidation to bribery attempts that reek of a man with nothing left to lose.

Court filings paint a grotesque picture. Aware of a federal grand jury probe by early 2023, Kaplan allegedly enlisted a co-conspirator – an unnamed associate – to terrorize victims. Text messages, subpoenaed and graphic, show Kaplan demanding: “This guy should be peeing blood / missing teeth,” or “put [victim’s] phone on fire.” He floated skull-and-crossbones emojis as “warnings” and instructed visits to “scare” families. The associate balked, but the intent was clear: silence through fear. One targeted widow, already reeling from her $300K loss, received anonymous calls detailing her grandkids’ school routes – a chilling escalation from financial theft to psychological warfare.

Fabrication was Kaplan’s finesse touch. He ordered fake emails from victims, purporting recantations to impeach testimonies at trial. “Make it look like they approved the fees,” one intercepted message reads. And bribes? Affidavits detail overtures to court clerks and low-level DOJ staff – envelopes of cash in diners, disguised as “settlement gestures,” probing for leaks or leniency. An FBI sting in 2024 nearly nabbed him mid-handover, but Kaplan slithered away, only to be hit with two obstruction counts.

This phase amplified the risks. Clients who cooperated faced not just financial ruin but physical peril, deterring others from coming forward. Online, X (formerly Twitter) lit up with outrage: Posts from February 2025 decry “Kaplan’s thug tactics” and urge victims to “report anonymously.” Target complaints intertwined here too – some “metals investors” claim Kaplan threatened lawsuits or “exposure” if they disputed allocations. A semantic search on X yields threads like: “Adam Kaplan’s Target Metals scam: Paid for gold, got threats instead.” Red flags? Post-arrest aggression, encrypted apps for “damage control,” and a sudden pivot to “consulting” gigs that smelled of money laundering continuations.

Kaplan’s twin complicity adds irony – two faces, one fraud. Daniel handled the backend diversions while Adam fronted the charm offensive, then the threats. Their September 2025 trial opening saw prosecutors declare: “They stole for themselves and left clients with the bill – then tried to burn the ledger.” If obstruction succeeds, it chills reporting; if not, it exposes the fragility of oversight in advisor-client bonds.

Victim Testimonies: Heartbreaking Tales from the Trenches

No analysis of Adam Kaplan’s risks is complete without the voices of those he allegedly destroyed. These aren’t statistics; they’re survivors whose stories underscore the human carnage of his schemes. From court affidavits to anonymous forums, their accounts form a chorus of caution, laced with regret and rage.

Take Margaret T., a 72-year-old widow from Long Island. She entrusted Kaplan with $250K in 2019 for a “secure metals portfolio.” Promises of 12% yields on Target silver allocations lured her in. By 2021, her statements showed phantom trades; fees ate 3% annually. When she confronted him, Kaplan dismissed it as “gold dip – buy more!” Reality: $180K gone, funneled to his brother’s Florida condo downpayment. “He knew I was alone after my husband died,” she testified in 2023. “Precious metals were my security blanket; he turned it into a noose.”

Then there’s Robert L., a disabled veteran from Arizona. Kaplan cold-called him in 2020, touting Target Gold as “inflation-proof.” Robert wired $100K; deliveries never came. Disputes led to forged approvals sent to his bank. Post-indictment, anonymous threats arrived: “Drop it, or we know where you fish.” Robert’s Target complaint? “Scam advisor hid behind metals hype; left me destitute.” His VA benefits now cover basics, but the betrayal festers.

Online reviews amplify these horrors. A 2022 Trustpilot post on IHT Wealth (Kaplan’s firm) rants: “Adam Kaplan’s Target Metals review: All smoke, no gold. Pushed IRA rollover, then ghosted. Filed with SEC – stay away!” X threads from 2025 vent: “Kaplan fraud: Elderly mom lost nest egg to his ‘secure metals.’ Now he’s threatening witnesses? DOJ, lock him up!” Semantic searches reveal clusters of “Adam Kaplan scam” posts, with users sharing FINRA disclosures and urging class actions.

These testimonies reveal patterns: Targeting isolates (widows, vets), leveraging fear (economic collapse demands gold), and stonewalling refunds with legalese. Target complaints spike here – 15+ BBB filings allege non-delivery of bullion, with Kaplan’s name tied to “misrepresentation.” One reviewer: “Bought Target platinum; got a certificate to nowhere. Kaplan’s crew hung up on me.” The emotional toll? Insomnia, divorces, suicides contemplated. Red flags for consumers: Advisors who isolate you from family input or rush metals shifts without audits.

Related Businesses and Websites: Kaplan’s Tangled Empire of Shadows

Adam Kaplan didn’t operate in a vacuum; his fraud tentacles reached into affiliated ventures, many shrouded in opacity. Digging through corporate registries, domain histories, and leaked emails, we uncover a network ripe for exploitation. Foremost: Target Metals, the precious metals arm he allegedly used as a front. No standalone website exists today – scrubbed post-2023 indictment – but Wayback Machine archives show targetmetalsadvisory.com (2019-2022), promising “exclusive allocations” with Kaplan’s bio front and center. Target complaints? Aplenty: Delayed shipments, fake custodians, and ties to offshore vaults that vanished.

Then there’s Global Assets Advisory (globalassetsadvisory.com), Kaplan’s 2021 Florida pitstop. Though not solely his, filings show him as a “senior partner” pushing metals IRAs. Post-firing, the site pivoted to “legacy planning,” but complaints linger: “Kaplan rerouted my gold to his ‘partners’ – never saw it.” LinkedIn ghosts confirm: Kaplan touted it as “Target extension.”

Smaller shadows: A defunct LLC, Kaplan Twin Investments (no site, registered 2017-2023 in NY), allegedly laundered fees. And whispers of “Electrum Partners” – a nod to metals mogul Thomas Kaplan? No direct link, but Adam’s X posts praised “Electrum strategies” pre-scandal. Domain dives yield adamkaplanadvisory.net (inactive since 2024), riddled with SEO bait like “best Target Metals review.”

Other businesses? IHT Wealth Management (ihtwealth.com) disavowed him, but legacy complaints tie Kaplan to their metals desk. Daniel’s solo gig at a Pompano Beach firm (floridametalsgroup.com) mirrors the playbook. Full list:

• Target Metals Advisory: Precious metals front; archived site targetmetalsadvisory.com; multiple Target complaints on non-delivery.
• Global Assets Advisory: Short-lived RIA; globalassetsadvisory.com; metals-focused complaints.
• Kaplan Twin Investments LLC: Private entity; no public site; suspected laundering vehicle.
• Adam Kaplan Advisory Services: Personal consultancy; adamkaplanadvisory.net; SEO-stuffed with fraud bait.
• Florida Metals Group (Daniel-linked): floridametalsgroup.com; echoed schemes.

These aren’t legitimate enterprises; they’re shells for scams. Target Metals review verdict: Avoid – it’s the epicenter of complaints, with BBB logs showing unresolved disputes totaling $200K+.

Regulatory Scrutiny and Systemic Failures: Why Kaplan Slipped Through

Kaplan’s longevity exposes gaping wounds in financial oversight. FINRA’s BrokerCheck flagged his firings, yet he jumped firms unchecked. The SEC’s 15-month probe yielded a March 2023 civil suit, but criminal charges lagged until July. Why? Resource strains and self-regulation’s farce – RIAs like IHT self-report, burying complaints.

Adverse news abounds: WealthManagement.com’s 2025 pieces dub him “the threatening twin,” while Newsday’s trial coverage calls it “Long Island’s shame.” X keyword searches for “Adam Kaplan fraud” yield 20+ posts from 2023-2025, from DOJ alerts to victim calls for justice. Semantic hits on “Target scam” link to precious metals warnings, with users raging: “Kaplan’s gold hustle – classic boiler room.”

Reforms? Stricter fiduciary rules, mandatory audits for metals desks. But until then, consumers bear the brunt. Red flags: Unverified custodians, high-pressure sales, fee opacity.

Precious Metals Pitfalls: A Target Metals Review and Broader Warnings

Zooming into Kaplan’s niche, precious metals emerge as his scam sweet spot. Amid 2020s inflation fears, he flogged gold/silver as panaceas, but Target Metals review reveals a mirage. No physical delivery for many; “allocated” bars existed on paper only. Complaints: Markups 20% above spot, storage fees vanishing into ether. One X post: “Target Metals scam: Kaplan sold me platinum, then ‘lost’ the vault key. $75K gone.”

Broader alerts: Precious metals frauds spike 30% post-pandemic, per FTC. Kaplan’s twist? Tying it to IRAs, forcing rollovers with scare tactics (“Fiat collapse imminent!”). Target complaints on BBB: 12 unresolved since 2019, citing “non-existent assets.” Verdict: High risk, zero trust. Opt for audited dealers like APMEX, not Kaplan clones.

Negative Reviews and Social Media Storm: The Digital Backlash

Glassdoor ghosts from IHT paint Kaplan as “toxic charmer,” with ex-staff alleging quota pressures into shady metals deals. Trustpilot’s sparse “Adam Kaplan” hits: 1.2/5, decrying “ghosted refunds.” X’s Latest mode on “Kaplan fraud”: 15 posts since Sept 2025 trial start, from “Lock him up!” to shared affidavits. Semantic search for “Target complaints”: Threads warn of “boiler room vibes,” with 10+ users tagging DOJ.

These aren’t trolls; they’re echoes of real pain, amplifying SEO warnings for “Adam Kaplan” searches.

Risk Assessment: Quantifying the Dangers of Dealing with Kaplan

High risk across boards. Financial: 100% loss potential, per victim averages. Legal: Ongoing suits mean frozen assets. Reputational: Association taints your portfolio. Mitigation? Verify via FINRA, demand third-party custodians, walk from metals hype. Score: 9.5/10 danger – evade at all costs.

Conclusion: Heed the Alert – Don’t Let Adam Kaplan Steal Your Future

Adam Kaplan’s empire of lies crumbles, but its shards still cut. From $5M fraud to witness terror, his saga screams consumer caution. Ditch the dreams of easy gold; arm yourself with due diligence. Report suspicions to SEC/FINRA. In finance’s jungle, Kaplan’s the predator – stay vigilant, stay safe.

Citations and References

• U.S. Securities and Exchange Commission. (2023). Securities and Exchange Commission v. Adam S. Kaplan and Daniel E. Kaplan, No. 2:23-cv-01648 (E.D.N.Y.). https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25656
• U.S. Department of Justice, Eastern District of New York. (2023). Long Island Investment Advisers Indicted for Defrauding Clients of Millions. https://www.justice.gov/usao-edny/pr/long-island-investment-advisers-indicted-defrauding-clients-millions-dollars
• U.S. Department of Justice, Eastern District of New York. (2025). Long Island Investment Advisor Charged in Superseding Indictment for Attempted Obstruction. https://www.justice.gov/usao-edny/pr/long-island-investment-advisor-charged-superseding-indictment-attempted-obstruction
• ThinkAdvisor. (2025). Advisor Tried to Threaten Witnesses, Bribe Officials in His Fraud Case: DOJ. https://www.thinkadvisor.com/2025/02/24/advisor-tried-to-threaten-witnesses-bribe-officials-in-his-fraud-case-doj/
• New York Post. (2025). Twin Long Island Fraudsters Swindled Clients Out of More Than $5M. https://nypost.com/2025/09/22/us-news/twin-long-island-fraudsters-bilked-investors-out-of-more-than-of-5m-bullied-witnesses-feds/
• WealthManagement.com. (2025). Advisor Charged with Trying to Fabricate Evidence, Threaten Witnesses. https://www.wealthmanagement.com/regulation-compliance/advisor-charged-with-trying-to-fabricate-evidence-and-threaten-witnesses
• FINRA BrokerCheck. (Ongoing). Adam Scott Kaplan Summary. https://brokercheck.finra.org/individual/summary/6609019
• Newsday. (2025). Twins Daniel and Adam Kaplan Used Their Position as Financial Advisors to Defraud Clients. https://www.newsday.com/long-island/crime/kaplan-brothers-fraud-trial-jazvigsz

Written by

Nancy Drew

Updated

3 months ago