CENTRAL ISLIP, NY – Twin brothers Adam and Daniel Kaplan, both 36, are facing federal charges for allegedly swindling more than $5 million from dozens of clients while working as financial advisors.
Federal prosecutors allege that from 2018 to 2021, the Long Island-based advisors defrauded up to 50 clients by forging checks, faking investment returns, and funneling funds into their personal accounts under labels like “Kaplan Sale” to avoid detection.
Among their victims was a blind woman tricked into taking out a loan she didn’t need, according to prosecutors. One check for $3,000 was reportedly altered to appear as a $23,000 payment.
“Adam and Daniel Kaplan stole millions and millions of dollars from their clients,” said Assistant U.S. Attorney Rebecca Urquiola during opening statements in U.S. District Court in Central Islip.
The brothers were initially charged in a 16-count indictment in July 2023. Adam Kaplan received two additional charges in a February 2024 superseding complaint for allegedly intimidating witnesses and attempting to destroy evidence between April and September 2023.
As scrutiny intensified, the Kaplans allegedly pressured whistleblowers. Prosecutors revealed a message Adam Kaplan sent to co-conspirator Ron Roth — who has pleaded guilty and is cooperating with authorities — saying he wanted victims “peeing blood and missing teeth.”
Roth’s testimony is expected to be central to the case, though the defense attacked his credibility.
“Ron is a liar and when he was caught, he skated his way out,” said Mark Cohen, Adam Kaplan’s attorney, during opening statements. Daniel Kaplan’s lawyer, Claire Blumenthal-Buck, argued her client played a minor role and called the prosecution’s case “a story made on assumptions.”
The trial continues, with more witnesses expected to testify in the coming weeks.
