Chicago-Area Businessman Cheated Investors Out Of $4.26 Million In Ponzi Scheme

By Samantha Abernethy in News on Dec 30, 2011 8:30PM

A suburban investment advisor used a Ponzi scheme to steal money from more than 1,000 clients through his Elmhurst firm, Results One Financial LLC. Steven W. Salutric, 53, has been charged with wire fraud for the more than $3 million from investors between 2002 and 2010. He allegedly lied to investors about where their money went and withdrew money from their accounts without permission by forging documents. Elmhurst Patch writes:

Salutric allegedly diverted some of his clients’ funds to his personal business associates and to entities in which he had a financial interest, including restaurants, a movie production company, car dealerships and real estate development projects, while using additional customer funds to make Ponzi-type payments to other clients.

The Madoff-wannabe could be sentenced to as many as 20 years in prison, plus paying full restitution for the victims and a $250,000 fine.