Illinois Investment Advisor Barred From Industry For Stealing From Clients
Steve W. Salutric was barred from the securities industry by an administrative
proceeding Order on September 10, 2010, for allegedly stealing $1.8 million
from at least 17 investors over the past three years. Salutric was a registered
investment advisor with Results One Financial LLC in Elmhurst, Illinois.
The SEC's original complaint against Salutric was filed on January 8, 2010. According to the September 10 Order, the Complaint accused Salutric of misappropriating at least $1.8 million from at least 17 clients from 2007 through 2010 and using the money to "support businesses and entities linked to him and, as part of a Ponzi scheme, to make payments to other clients." The Complaint also alleged that one of the 17 victims was a 96-year-old client suffering from dementia, from whom Salutric allegedly stole over $400,000.
To facilitate his scheme, Salutric allegedly made unauthorized withdrawals from his clients' Charles Schwab & Co. accounts. He also "forged client signatures on written withdrawal request forms and submitted the signed written requests to the account custodian," according to a January SEC Press Release.
Salutric failed to file an answer to the SEC's original Complaint. The Order barring Salutric from the securities industry was imposed by default.