Former financial advisor Adam Scott Kaplan, previously charged with his twin brother in a fraud scheme, attempted to threaten and injure witnesses and bribe public officials in efforts to obstruct a federal grand jury investigation into his alleged criminal conduct, prosecutors said in a superseding indictment filed last week.
Kaplan, 35, instructed an unidentified co-conspirator to threaten and physically assault victims of the alleged advisory fraud scheme, pay off victims of his criminal conduct, bribe public officials to avoid or dismiss charges against him, destroy evidence and create a fake email aimed at undermining a victim at trial, prosecutors alleged in U.S. District Court in Central Islip, New York.
Kaplan told the associate “that a victim needed ‘to fear,’ that a victim should be ‘peeing blood / missing teeth and another visited / scared,’ that a victim should be sent skull and crossbones imagery, and that his associate should ‘put [a victim’s] phone on fire . . . Seriously, please blow it up,’” the Justice Department said last week.
In July 2023, Kaplan and his brother, advisor Daniel Evan Kaplan, were charged in a 16-count indictment with conspiracy to commit wire fraud; wire fraud; investment advisor fraud; and money laundering in connection with an alleged scheme to defraud at least 50 clients, some elderly and disabled, of more than $5 million.
From January 2023 to September 2024, Adam Kaplan and the unidentified co-conspirator defrauded additional individuals of approximately $1 million and also conspired to defraud a financial institution, prosecutors said.
After his arrest, while on release on a multimillion-dollar bond, Adam Kaplan attempted to bribe a Justice Department official, continued his fraudulent schemes, continued to pay off witnesses, and committed credit card fraud, using burner phones to avoid detection, prosecutors said.
Adam Kaplan, a former Long Island advisor, paid the co-conspirator tens of thousands of dollars to create false evidence, and to threaten and harm victims, the updated indictment filed Thursday alleges. Unbeknownst to Kaplan, the co-conspirator “in fact did not threaten or harm any individual, and instead falsely informed Adam Kaplan about performing those actions,” it says.
The superseding indictment added two counts against Adam Kaplan for attempted obstruction of justice in connection with the grand jury investigation and during his pretrial release on fraud charges.
It also added additional charges of conspiracy to commit wire fraud and conspiracy to commit bank fraud against Adam Kaplan for conduct, including while on pretrial release, as well as an additional money laundering conspiracy charge against Adam Kaplan and Daniel Kaplan. Adam Kaplan faces 21 counts, his brother 17 counts.
The brothers are scheduled to be arraigned on the superseding indictment on March 5.
“Kaplan’s alleged actions reflect remorselessness as he continued to make concerted efforts to protect his multimillion-dollar fraud scheme even following his initial arrest. The FBI will never tolerate individuals who prey upon populations for personal wealth, and then resort to extreme measures to conceal their egregious wrongdoings,” FBI Assistant Director in Charge James E. Dennehy said.
The U.S. Securities and Exchange Commission filed civil charges against the brothers in March 23. That proceeding was stayed until the criminal case is complete.
Lawyers for the brothers didn’t immediately return emails seeking comment Monday. Adam Kaplan is in custody at a federal detention center in Brooklyn. Daniel Kaplan is free on a $2.5 million bond, according to the U.S. attorney's office in New York.
WealthManagement reported on the new charges Friday.
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