Earlier today, a federal jury in Central Islip found twin brothers Adam and Daniel Kaplan guilty of multiple charges, including wire fraud conspiracy, wire fraud, investment advisor fraud, and money laundering conspiracy. Adam Kaplan was also convicted on additional counts such as 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 presided over by United States District Judge Joan M. Azrack.
The announcement was made by Joseph Nocella, Jr., United States Attorney for the Eastern District of New York, along with Christopher G. Raia, Assistant Director in Charge at the Federal Bureau of Investigation’s New York Field Office.
“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 appreciation for support from the U.S. Securities and Exchange Commission’s Chicago Regional Office and Internal Revenue Service Criminal Investigation unit.
FBI Assistant Director in Charge Raia commented: “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.”
Evidence presented at trial showed that between May 2018 and July 2021, Adam and Daniel Kaplan served as investment advisors at IHT Wealth Management for hundreds of clients. During this period they stole at least $10 million from clients using various methods such as inflating fees beyond what was promised in contracts or siphoning funds without authorization. The brothers concealed these actions by forging signatures on documents or transferring funds between accounts so that unauthorized withdrawals would go unnoticed.
Their victims included elderly individuals—one example cited involved taking out a loan in an elderly woman’s name while she cared for her dying husband—and family members. In another case they defrauded a family in Arizona that included a centenarian grandmother by altering checks sent under false pretenses.
After being terminated by IHT Wealth Management in July 2021 when their scheme was discovered, both continued fraudulent activities targeting vulnerable individuals such as a woman with dementia whom Adam Kaplan befriended to facilitate further theft.
Between 2023 and 2024 Adam Kaplan engaged in additional fraudulent schemes with a co-conspirator against previous victims; he used new investments for personal expenses or repaid old debts through disputed credit card charges involving his parents’ accounts.
From April 2023 through September 2024 Adam Kaplan attempted to obstruct justice during an ongoing federal grand jury investigation—paying over $75,000 to his co-conspirator (whom he believed had violent criminal connections) for purposes including threatening or injuring witnesses and tampering with evidence. Communications presented at trial revealed explicit threats directed toward victims as well as attempts to blackmail an Eastern District prosecutor.
While released on bond after arrest alongside his brother Daniel Kaplan—both residents of Great Neck—the obstruction efforts continued with attempts made by Adam Kaplan via his co-conspirator to bribe Department of Justice officials; these bribes were ultimately not carried out.
The prosecution was led by Assistant United States Attorneys Adam Toporovsky, Paul Scotti, Rebecca Urquiola; Paralegal Specialist Janelle Robinson; Victim Witness Specialists Stephanie Marroquin and Maryyam Jaffery assisted.
