Federal prosecutors have expanded their case against former financial advisor Adam Kaplan, adding new criminal charges to the existing fraud and money-laundering allegations.
A superseding indictment filed by the U.S. Attorney’s Office for the Eastern District of New York accuses Kaplan of attempting to intimidate and bribe witnesses, fabricate evidence, and bribe law enforcement officials.
In July 2023, prosecutors initially filed a 16-count indictment against Kaplan and his twin brother, Daniel, alleging they defrauded at least 50 individuals out of more than $5 million. The new indictment adds an additional money-laundering conspiracy charge against both brothers.
“Before his arrest, while aware of a grand jury investigation into his crimes, Adam Kaplan attempted to threaten and injure victims and witnesses and bribe law enforcement,” stated John J. Durham, U.S. Attorney for the Eastern District of New York. “But his disregard for the law did not stop there—he repeatedly violated his pretrial release conditions. This Office will not tolerate efforts to obstruct justice and will prosecute offenders to the fullest extent of the law.”
A lawyer representing Kaplan has not responded to requests for comment. The superseding indictment was filed in federal court in Central Islip, N.Y., and announced late last week.
According to the U.S. Attorney’s Office, the brothers’ alleged victims include elderly and disabled individuals. The fraud scheme reportedly operated from May 2018 to November 2022.
The new indictment further alleges that between April 2023 and September 2024, Adam Kaplan obstructed the investigation by destroying evidence, threatening witnesses, and offering bribes. Following his arrest and while out on a multimillion-dollar bond, he allegedly attempted to bribe a Department of Justice official and continued his fraudulent activities. Prosecutors claim Kaplan used multiple burner phones to evade detection, operated under aliases, and attempted to hack into others’ email accounts.
The Kaplan twins, 35, had short-lived careers as registered advisors, according to regulatory records. They worked at Morgan Stanley and Merrill Lynch for less than a year between 2016 and 2018 before joining IHT Wealth Management, where they remained until their termination in 2021.
In March 2023, the Securities and Exchange Commission (SEC) filed a lawsuit against the Kaplans, accusing them of misappropriating client funds. The SEC alleged the brothers inflated advisory fees in client agreements without consent, using the excess funds for personal expenses and to reimburse clients who raised concerns about suspicious account activity. The SEC case remains ongoing.
