Earlier today, a federal jury in Central Islip found twin brothers Adam and Daniel Kaplan guilty of wire fraud conspiracy, wire fraud, investment advisor fraud, and money laundering conspiracy. Adam Kaplan was also convicted of an additional count of conspiracy to commit wire fraud, bank and wire fraud conspiracy, money laundering, and attempted obstruction of justice while on pre-trial release. The verdict followed an eight-week trial before United States District Judge Joan M. Azrack.
Joseph Nocella, Jr., United States Attorney for the Eastern District of New York, and Christopher G. Raia, Assistant Director in Charge at the FBI’s New York Field Office, announced the outcome.
“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,” stated United States Attorney Nocella. “Adam Kaplan is facing additional, very serious consequences for seeking to undermine the criminal justice process by attempting to threaten victims and witnesses and bribe Department of Justice officials. I commend the prosecutors from our Office and the FBI Special Agents who worked tirelessly to unravel the defendants’ fraudulent schemes and bring them to justice for the harm their greed has caused.”
Nocella expressed gratitude toward the U.S. Securities and Exchange Commission’s Chicago Regional Office as well as IRS Criminal Investigation for their contributions.
“Adam and Daniel Kaplan demonstrated a pattern of deceit to steal millions of dollars from trusting investors, while the former threatened victims in an attempt to obstruct the federal investigation into the brothers’ misconduct. These defendants exploited the trust, vulnerability, and, at times, health of more than 100 victims to selfishly enrich themselves. May today’s conviction reflect the FBI’s continued promise to hold accountable those who target the wallets of others out of personal greed,” said FBI Assistant Director in Charge Raia.
According to evidence presented at trial and other public records, between May 2018 and July 2021 Adam and Daniel Kaplan served as investment advisors at IHT Wealth Management for hundreds of clients. They used their positions to take at least $10 million from clients for personal use including luxury purchases.
The Kaplans engaged in multiple fraudulent tactics. They sent contracts promising low annual fees but left fee amounts blank; after gaining client signatures based on trust or false promises about fees being around 1%, they filled in much higher rates—sometimes over four times what was discussed. The brothers also withdrew funds directly from client accounts without approval or knowledge; before doing so they would transfer equivalent sums from clients’ brokerage accounts into their bank accounts so that balances appeared unchanged.
To cover up these actions over several years they lied repeatedly to clients about unauthorized charges, forged signatures on documents such as fake contracts for services never rendered (like “life coaching” or “divorce consultation”), and misled financial institutions during inquiries.
Victims included elderly individuals—including one woman caring for her dying husband whose name was used by defendants to secure a loan she then had to repay herself—and family members such as a 100-year-old grandmother in Arizona whose checks were altered by Daniel Kaplan after being sent under false pretenses.
After IHT Wealth Management terminated both brothers following discovery of their activities in July 2021 they continued defrauding victims—including a woman with dementia unable even to recognize her husband—by having her sign documents enabling further thefts while escorted by Adam Kaplan.
From 2023 through 2024 Adam Kaplan partnered with another individual (“Co-Conspirator”) on new schemes targeting prior victims again under false promises regarding investments; he repaid earlier losses by charging his own parents’ credit cards then disputing those charges so banks bore losses instead.
Additionally between April 2023 and September 2024 while under investigation Adam Kaplan sought ways to impede proceedings: he paid over $75,000 via burner phone communications asking Co-Conspirator (whom he believed connected with organized crime) not only to threaten or harm witnesses but also intimidate them using violent language or imagery (such as skull-and-crossbones texts). He even asked Co-Conspirator for damaging information about an Eastern District prosecutor hoping it could be used as blackmail.
While released on bond after arrest Adam Kaplan instructed attempts at bribing Department of Justice officials; no bribes were ultimately paid.
The prosecution was managed by Assistant U.S. Attorneys Adam Toporovsky, Paul Scotti, Rebecca Urquiola with support staff including Janelle Robinson (paralegal) plus Victim Witness Specialists Stephanie Marroquin and Maryyam Jaffery.
Adam S. Kaplan (36) and Daniel E. Kaplan (36), both from Great Neck on Long Island now await sentencing under docket number E.D.N.Y. 23-CR-293 (S-1) (JMA).
