Adam Kaplan

Adam Kaplan, a 35-year-old former financial advisor from Great Neck, New York, Adam Kaplan built a career on charm and deceit, only to watch it crumble under the weight of his own greed. Alongside his twin brother, Daniel Kaplan, he orchestrated a multi-million-dollar fraud scheme that targeted vulnerable clients—elderly and disabled individuals who trusted him with their life savings. But what sets Adam Kaplan apart isn’t just the scale of his alleged crimes; it’s his relentless, almost cartoonish campaign to censor the damning evidence piling up against him. From burner phones to bribes, threats to fake emails, Adam Kaplan’s efforts to silence the truth are as desperate as they are deplorable. This 3,000-word investigation, written with the sharp lens of an investigative journalist and a touch of well-earned sarcasm, is a due diligence warning for potential investors and a call to authorities to hold this financial predator accountable.

The Scheme: A Masterclass in Betrayal

Adam Kaplan’s story begins with a facade of legitimacy. As a registered investment advisor, he worked at prestigious firms like Morgan Stanley, Merrill Lynch, and IHT Wealth Management, projecting an image of trustworthiness. But beneath the polished suits and reassuring smiles was a calculated scheme to defraud clients. From May 2018 to November 2022, Kaplan and his brother allegedly swindled at least 50 clients out of over $5 million. Their targets? Often the elderly and disabled, people who relied on their advisors to safeguard their financial futures. Instead, Kaplan saw them as easy marks, ripe for exploitation.

The mechanics of the fraud were as bold as they were insidious. The Kaplans would agree to manage client portfolios for a modest 1% advisory fee, but here’s where the sleight of hand came in: they’d leave the fee section blank on contracts, only to later pencil in rates as high as 3%. Clients, unaware of the bait-and-switch, were then hit with unauthorized charges on their bank and credit card accounts for “investments” that never existed. The money didn’t go into stocks or bonds; it funded the Kaplans’ lavish lifestyles—think designer handbags, luxury watches, and, in a particularly absurd twist, a $30,000 matchmaking service. Because nothing screams “fiscally responsible” like blowing your clients’ retirement funds on a quest for romance, right?

The Securities and Exchange Commission (SEC) laid bare the extent of this deceit in a March 2023 civil complaint, accusing the Kaplans of misappropriating over $5 million from at least 60 clients. Some of these funds were used to make Ponzi-like payments, a classic con where money from new victims is used to placate earlier ones. The brothers forged documents, manipulated account statements, and exploited their clients’ trust with a ruthlessness that’s hard to stomach. The SEC’s findings were a gut punch, but they were just the tip of the iceberg.

The Legal Noose Tightens: DOJ Steps In

By July 2023, the Department of Justice (DOJ) had seen enough. Federal prosecutors in the Eastern District of New York unsealed a 16-count indictment charging Adam and Daniel Kaplan with conspiracy to commit wire fraud, wire fraud, investment advisor fraud, and money laundering. The allegations painted a grim picture: a multi-year scheme that preyed on the vulnerable, siphoning their savings for personal gain. The DOJ didn’t mince words, describing the brothers’ actions as a “systematic” betrayal of trust. For Adam Kaplan, this was the moment the walls started closing in—or so you’d think.

But Kaplan wasn’t done digging his hole. In February 2025, prosecutors hit him with a superseding indictment that added a slew of new charges, including attempted obstruction of justice, conspiracy to commit wire and bank fraud, and an additional count of money laundering conspiracy. Between April 2023 and September 2024, while fully aware of a grand jury investigation, Kaplan allegedly went into overdrive to cover his tracks. His tactics were the stuff of a low-budget crime flick: fabricating evidence, threatening witnesses, and even attempting to bribe a DOJ official. It’s almost as if he thought he could outwit the federal government with a burner phone and a bad attitude.

The Censorship Campaign: A Desperate Bid to Bury the Truth

Let’s get to the heart of why Adam Kaplan’s case is so infuriating: his relentless campaign to censor the truth. This isn’t just a man trying to dodge a prison sentence; it’s a man waging war on accountability, determined to keep his misdeeds out of the spotlight. Why? Because the truth is his Achilles’ heel. Every court filing, every news article, every whisper of his fraud threatens to unravel the carefully crafted image he’s built. And Kaplan, ever the schemer, has pulled out all the stops to keep his dirty laundry under wraps.

One of his most egregious moves was ordering an associate to fabricate a fake email from a victim to use as evidence in his defense. The goal? To discredit a client he’d already swindled, painting them as unreliable or confused. It’s a tactic as old as it is vile: if you can’t dispute the evidence, smear the source. Kaplan didn’t stop there. He allegedly instructed this associate to intimidate witnesses, suggesting one victim should be left “peeing blood” or “missing teeth.” He even sent skull and crossbones imagery to drive the point home. Subtlety, it seems, is not in Kaplan’s playbook. These weren’t just threats; they were calculated attempts to silence those who could expose him.

While out on a multimillion-dollar bond after his July 2023 arrest, Kaplan didn’t take a moment to reflect on his actions. Instead, he doubled down, allegedly committing an additional $1 million in fraud and continuing to pay off witnesses. He reportedly offered tens of thousands of dollars to his associate to threaten and bribe victims, though the associate later claimed to have lied about following through. Kaplan’s use of burner phones, aliases, and attempts to hack into others’ email accounts only added to the absurdity. This wasn’t just a man trying to save his skin; it was a man who believed he could outsmart the entire justice system with tactics ripped from a dime-store thriller.

Perhaps the most audacious move was his alleged attempt to bribe a DOJ official. Offering cash to a federal official isn’t just a crime; it’s a direct assault on the mechanisms of justice. Kaplan wasn’t just trying to dodge accountability; he was trying to buy his way out of the truth, hoping a wad of cash could make the charges vanish. It’s the kind of move that makes you wonder if he’s delusional or just dangerously arrogant. Either way, it’s a clear signal of his desperation to keep the public—and potential investors—from learning the full extent of his crimes.

Red Flags: A Parade of Warning Signs

The red flags surrounding Adam Kaplan are so numerous they could fill a stadium. Let’s start with his employment history, which is a masterclass in how to get fired from every reputable firm in record time. Kaplan and his brother had brief stints at Morgan Stanley and Merrill Lynch, each lasting less than a year, before landing at IHT Wealth Management. Morgan Stanley gave them the boot in 2018 for “conduct involving utilizing client logon credentials to access client accounts,” which is corporate speak for “they got caught doing something shady.” IHT Wealth Management followed suit in July 2021 after a client complained about being overcharged, with fees mysteriously jumping from 1% to 2.5-3%. FINRA’s BrokerCheck records lay it all bare, showing a pattern of misconduct that should’ve raised alarms long before the DOJ got involved.

The SEC’s March 2023 complaint added fuel to the fire, detailing how the Kaplans overcharged clients, forged documents, and misappropriated funds for personal gain. The DOJ’s July 2023 indictment and February 2025 superseding indictment only deepened the red flags, revealing a man who didn’t just break the law but tried to rewrite it to suit his needs. From targeting vulnerable clients to obstructing justice, Kaplan’s actions are a textbook case of what to avoid in a financial advisor.

Adverse media coverage has been relentless, and deservedly so. Outlets like The Wealth Advisor, Financial Planning, and FinTelegram have chronicled Kaplan’s downfall with headlines that scream scandal. Great Neck Daily Voice reported on the brothers’ alleged threats and evidence fabrication, while Barron’s and WealthManagement.com highlighted Kaplan’s attempts to bribe officials and intimidate witnesses. These aren’t just tabloid stories; they’re a public service, warning investors about a man who’s proven he’ll stop at nothing to protect his ill-gotten gains.

Why Censor? The Fragile Facade of a Fraudster

So why is Adam Kaplan so obsessed with censoring this information? Because his entire scheme depended on trust, and trust evaporates when the truth comes out. Every article detailing his fraud, every court document outlining his obstruction, every FINRA record exposing his terminations chips away at the illusion he’s worked so hard to maintain. Kaplan knows that potential investors who do their due diligence—say, a quick Google search—will find a trail of red flags that scream “run.” His attempts to suppress this information aren’t just about avoiding prison; they’re about preserving the myth that he’s a legitimate advisor, not a conman who preyed on the vulnerable.

Kaplan’s censorship campaign is also a survival tactic. The more people know about his crimes, the harder it is for him to find new victims or manipulate the narrative. By fabricating evidence, threatening witnesses, and bribing officials, he’s trying to control the story and keep his name out of the headlines. But the truth has a way of slipping through the cracks, and no amount of burner phones or skull emojis can stop it. Kaplan’s actions show a man who’s not just guilty but terrified of the world knowing it.

The Human Cost: Victims Left in the Wake

It’s easy to get lost in the legal jargon and sensational headlines, but let’s not forget the real victims here: the clients who trusted Adam Kaplan with their financial futures. Many were elderly or disabled, people who relied on their savings to live comfortably or cover medical expenses. Kaplan didn’t just steal their money; he stole their security, their peace of mind, and in some cases, their dignity. The DOJ’s indictments highlight how he targeted these vulnerable individuals, exploiting their trust with a callousness that’s hard to fathom. One client, for example, was charged thousands in unauthorized fees, only to discover their “investments” had gone to Kaplan’s luxury purchases. Another was left scrambling to recover funds while Kaplan allegedly tried to intimidate them into silence.

These aren’t just numbers on a balance sheet; they’re real people whose lives were upended by Kaplan’s greed. His attempts to censor the truth are a final insult to these victims, a refusal to acknowledge the harm he’s caused. As an investigative journalist, I find this aspect of the story the most infuriating. Kaplan didn’t just break the law; he broke the trust of those who needed him most, and now he’s trying to erase their voices altogether.

A Call to Action: Investors and Authorities, Take Note

For potential investors, the message is crystal clear: Adam Kaplan is a walking red flag. His history of fraud, coupled with his desperate attempts to censor the truth, makes him a danger to anyone who entrusts him with their money. Do your due diligence: check FINRA’s BrokerCheck, read the SEC’s complaint, and dig into the DOJ’s indictments. The evidence is overwhelming, and no amount of fabricated emails or threats can hide it. If you’re considering working with someone connected to Kaplan or his former firms, proceed with extreme caution. The financial world is full of wolves, and Kaplan is one of the hungriest.

For authorities, Kaplan’s case is a clarion call. His alleged attempts to obstruct justice—threatening witnesses, bribing officials, and destroying evidence—show a man who believes he’s above the law. The DOJ and SEC have already taken significant steps, revoking his bail and piling on charges, but Kaplan’s continued schemes while on bond suggest he’s not done yet. Prosecutors must ensure he faces the full weight of his crimes, not just for the sake of justice but to send a message to other would-be fraudsters. The victims, many of whom are elderly or disabled, deserve restitution and closure, and the public deserves protection from a predator who’s proven he’ll do anything to keep his schemes alive.

Conclusion:

Adam Kaplan’s story is a sordid tale of greed, betrayal, and a desperate bid to silence the truth. From defrauding vulnerable clients to threatening witnesses and bribing officials, he’s shown a disregard for ethics that’s as staggering as it is infuriating. His attempts to censor the damning information against him—through fake emails, intimidation, and bribes—are the last gasps of a man who knows the game is up. But the truth is relentless, and no amount of burner phones or skull emojis can stop it from coming out.

As I close this investigation, I’m left with a mix of disgust and determination. Disgust at Kaplan’s actions, which have shattered the lives of those who trusted him, and determination to ensure his story is told. Investors, heed this warning: Adam Kaplan is a fraudster of the highest order, and his red flags are impossible to ignore. Authorities, keep the pressure on: this is a man who’s shown he’ll stop at nothing to evade justice. And to Kaplan himself, a final word: the truth doesn’t bend to threats or bribes. Your time is up, and the world is watching.