Following an eight-week trial, a federal jury in Central Islip has rendered a guilty verdict against investment advisor twins, Adam and Daniel Kaplan, for defrauding clients out of millions. United States Attorney for the Eastern District of New York, Joseph Nocella, and FBI Assistant Director in Charge Christopher G. Raia announced the convictions, citing the Kaplans' exploitation of approximately 100 victims, who included elderly and mentally disabled individuals. The Kaplans, operating out of IHT Wealth Management, managed to filch more than $10 million by using their trusted status to mislead and rob their clients.
According to details reported by the U.S. Attorney's Office, the Kaplans engaged in a series of deceptive acts to pilfer funds for personal use and luxury purchases. Clients were lured in with contracts promising low advisory fees, only for the twins to later insert exorbitant rates, at times over fourfold the initial figure. To add insult to injury, each balance in the clients' bank account appeared unchanged, the brothers having transferred in the corresponding amount beforehand from the clients' brokerage accounts, hiding the unauthorized withdrawals.
Faking client signatures, fabricating contracts, and lying to financial institutions were part of the Kaplans' repertoire to maintain their charade. Their victims' vulnerabilities became opportunities for profit, as seen when Daniel Kaplan manipulated a family in Arizona into sending checks, which he then altered for deposit into his own account. His brother Adam's infractions were equally heinous; he exploited a woman with dementia, coercing her into signing bank documents to extract more of her funds. Adam Kaplan was also found guilty of additional charges, including money laundering and obstructing justice, the latter for actions he took while on pre-trial release, trying to tamper with the judicial process.
In a desperate move divulged by the U.S. Attorney's Office, Adam Kaplan sought the aid of a co-conspirator, believed to be connected to organized crime, offering over $75,000 to intimidate and harm victims and witnesses, and to dig up compromising information on a federal prosecutor. Using a burner phone, Kaplan instructed the co-conspirator to incite fear and violence, some victims apparently necessitating a threat of losing teeth or urinating blood to be "visited / scared." These ventures into obstruction continued as Adam Kaplan attempted to bribe Department of Justice officials, although these attempts were never realized.
The government's prosecution team, led by Assistant United States Attorneys Adam Toporovsky, Paul Scotti, and Rebecca Urquiola, with support from Paralegal Specialist Janelle Robinson and Victim Witness Specialists Stephanie Marroquin and Maryyam Jaffery, successfully dismantled the Kaplans' schemes. The jury's decision marks the end of an extensive investigation and trial process, showcasing the unwavering effort to hold financial predators accountable. As a statement obtained by the U.S. Attorney's Office put it, "With today's verdict, Adam and Daniel Kaplan stand convicted of stealing millions of dollars from clients, some of whom were elderly and disabled, who trusted the defendants to invest their money, but instead were betrayed by these ruthless thieves."
