An advisor banned from the industry stayed in business at his unregistered firm and misused over $6 million of his elderly clients’ funds, according to the SEC.

Daniel H. Glick pooled the investors’ money with his own, steering over $1.8 million to two friends, paying off business expenses and buying a Mercedes-Benz, SEC investigators said. A federal judge in Chicago froze Glick’s assets and issued a restraining order against him last week at the regulator’s request.

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