CHICAGO (CBS) — Federal prosecutors are accusing a Carol Stream man of scamming more than $4 million from clients to use in risky investments.
As WBBM Newsradio’s Bob Roberts reports, investment adviser Steven Salutric allegedly forged his victims’ signatures and in one case, made off with $1 million.READ MORE: Pfizer Says COVID-19 Vaccine Works In Kids Ages 5 To 11; Will Seek U.S. Authorization
LISTEN: WBBM Newsradio’s Bob Roberts reports
Overall, he bilked 10 clients out of $4.26 million, the U.S. Attorney’s Office announced Thursday.
Prosecutors say Salutric, the founder of the now-defunct Results One Financial LLC firm in Elmhurst, told clients he was investing their money in mutual funds in safe investments. But he really poured the money into a movie production company, car dealerships, restaurants and real estate developments in which he held an interest, prosecutors said.READ MORE: Three-Car Crash In West Rogers Park Shatters Nearby Bus Stop
Salutric allegedly diverted other money to personal accounts and those of friends.
He also used funds to make Ponzi payments to other clients, prosecutors said.
Salutric’s alleged crimes happened between 2002 and 2010. He allegedly took money from clients’ accounts with Charles Schwab by forging their signatures so as to transfer their money to his personal interests.MORE NEWS: Historic St. Paul Lutheran Church In Suburban Beecher Burns Down In Fire
Salutric is charged with one count of wire fraud. If convicted, he could be sentenced to 20 years in prison and face a $250,000 fine, as well as full restitution.