Two twins from Great Neck are now on trial in federal court after being charged with conspiracy to commit wire fraud, wire fraud, investment advisor fraud money laundering in connection with several schemes where they allegedly stole over $5 million from their clients, according to the U.S. Attorney’s Office for the Eastern District.
Adam Kaplan and Daniel Kaplan, both 36, used the funds for personal expenses and to purchase luxury goods over a four-year period, according to the indictment.
If convicted, the Kaplans face up to 20 years in prison, according to court documents.
Federal prosecutors alleged that between May 2018 and November 2022, Adam and Daniel Kaplan acted as investment advisers for hundreds of clients. They used their positions of trust to misappropriate millions of dollars from their clients, some of whom were elderly and disabled, according to the indictment.
The indictment said the Kaplans used various schemes to misappropriate the victims’ funds, including overbilling for advisory fees, siphoning money from bank accounts through fraudulent advisory fee charges, and making purported “investments” they never intended to make.
The Kaplans lied to their clients about the fraudulent charges, forged their clients’ signatures on documents, and made misrepresentations to financial institutions, prosecutors said.
Court documents also said that between January 2023 and September 2024, Adam Kaplan and a co-conspirator defrauded additional individuals of approximately $1 million and also conspired to defraud a financial institution.
“As alleged, the Kaplans engaged in years-long schemes violating the trust that their clients, some of them elderly and vulnerable, had placed in them to manage their money safely and honestly,” U.S. Attorney for the Eastern District of New York Breon Peace said in July when the two were indicted. “The defendants lined their pockets at the victims’ expense, but with their lies and frauds exposed, they will be held to account for their conduct.”
