Adam Kaplan

Full Report

Key Points

• Adam Kaplan is a former financial advisor criminally convicted for defrauding clients of millions of dollars.
• Prosecutors found he abused his fiduciary role and misappropriated client funds, including from elderly and vulnerable individuals.
• He faced and was convicted on charges including wire fraud, investment advisor fraud, money laundering, and obstruction of justice.
• Legal actions against him include both civil SEC charges and federal criminal indictments and convictions.
• Allegations include overbilling, unauthorized charges, forged documents, making Ponzi-style payments, and attempting to obstruct justice even while released on bond.

Overview

Adam Kaplan is a U.S. financial advisor formerly associated with major firms and later working at an investment advisory firm where he advised hundreds of clients. Over several years, regulators and prosecutors allege that he misused his position of trust to enrich himself at the expense of his clients, many of whom were elderly or disabled. His activities drew the attention of both the U.S. Securities and Exchange Commission and federal prosecutors, leading to civil charges and criminal indictments. He has since been convicted in federal court of multiple fraud and related offenses.

Allegations and Concerns

Kaplan was alleged to have systematically defrauded clients by overbilling advisory fees, misappropriating funds through unauthorized charges, creating fraudulent contracts, and charging fees far above those agreed upon. He and his brother used client funds for personal expenses and to make Ponzi-like payments to placate dissatisfied clients. Additional allegations included witness tampering, attempts to destroy evidence, and bribery attempts to impede federal investigation, even while out on a multimillion-dollar bond. These actions reflect a sustained effort to conceal his conduct and obstruct justice.

Customer Feedback

Public consumer reviews of Kaplan’s services are sparse due to the private and advisor-client nature of his work. However, regulatory and legal filings show deeply negative experiences from clients who lost significant savings. Many of the victims were elderly or disabled individuals who entrusted their financial futures to Kaplan’s advisory services, only to discover unauthorized transactions and inflated fees that depleted their accounts. Such regulatory complaints underscore severe dissatisfaction and financial harm, with some clients reportedly forced to sell assets or significantly cut back on essential living expenses due to losses.

Risk Considerations

Financial risks tied to Kaplan are substantial. His conviction and the documented misappropriation of millions expose him to significant restitution obligations and potential civil penalties. Reputationally, his criminal record and the public nature of the fraud case severely damage his credibility, making professional engagement highly risky. Legally, Kaplan faces ongoing consequences from his convictions, and any associates or partners could face scrutiny by regulators or civil litigants. Clients or investors associated with his past businesses may face difficulties in recovering losses.

Business Relations and Associations

Kaplan worked with various financial institutions as an advisor, including major firms early in his career and later at an investment advisory firm where the fraud occurred. He operated alongside his twin brother, who was also implicated and convicted. His professional network included clients from diverse backgrounds, some of whom were targeted in the fraudulent schemes. Regulatory filings also connected him to unregistered advisory activities after his termination from his firm.

Legal and Financial Concerns

Adam Kaplan faced SEC civil litigation alleging misappropriation of client funds, fraudulent overbilling, and violations of federal securities laws. Federal indictments charged him and his brother with conspiracy to commit wire fraud, investment advisor fraud, money laundering, and related offenses. A superseding indictment added charges related to obstruction of justice, witness tampering, and attempted bribery of officials. He was convicted in federal court on multiple counts, and these convictions carry potential lengthy prison sentences, restitution orders, and civil penalties.

Risk Assessment Table

Adam Kaplan’s case exemplifies a severe breach of fiduciary duty and regulatory trust within the financial advisory profession. The documented misappropriation of client funds and attempts to intimidate or cheat the justice system highlight profound ethical violations. While all defendants are presumed innocent until sentencing and appeal processes conclude, the convictions and legal findings indicate deep and sustained misconduct. For individuals or institutions assessing past or present associations, caution is strongly advised; the legal liabilities alone represent significant exposure, and Kaplan’s professional reputation has been severely eroded by criminal findings. Future engagements should only occur with full legal oversight and independent verification of compliance with regulatory standards.