By: Matthew Arndt, CFA, CPA, CFP | January 22, 2010 | Illegal Schemes & Scams, Ponzi Schemes
The U.S. Securities and Exchange Commission alleges from 2007 through 2009, 51-year-old Steve W. Salutric a co-founder of investment advisery firm, Results One Financial in Elmhurst, IL, misappropriated several million dollars from his clients, one of which included a 96-year-old suffering from dementia.
According to the complaint, in addition to other crimes, Salutric embezzled over $400,000 from the elderly woman’s account at Charles Schwab draining it to a balance of less than $10,000. Salutric directed: approximately $259,000 to two local restaurants (one of which he partially owned); approximately $610,000 to a film distribution company; and almost $321,000 to his church, where he served as treasurer and had authority over the church’s bank account. Most the other misappropriated funds were used in a Ponzi-like fashion to pay different clients.
According to the allegations, Salutric cheated his clients by making unauthorized withdrawals from their accounts. To perpetrate his scheme, Salutric forged client signatures on written withdrawal request forms and submitted the signed requests to the account custodian.
The report states that Results One Financial had more than 1,000 clients with more than $160 million in assets under management.
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