Breaking News Bar
updated: 12/6/2013 4:49 PM

Hanover Park man sentenced in $4.2 million forgery case

hello
Success - Article sent! close
 
 

A Hanover Park investment consultant convicted earlier this year on federal charges of swindling clients out of about $4.26 million now has pleaded guilty to forgery.

Steven W. Salutric, of the 200 block of Wildwood Lane, was sentenced to five years in exchange for his guilty plea to the class 3 felony in the forgery case in the Rolling Meadows branch of Cook County Circuit Court.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Salutric, 55, altered six checks ranging from $2,500 to $4,400 from Autumn Landscaping Co. to make them payable to himself, prosecutors said during Salutric's bond hearing last year.

Regarding the federal case, Salutric managed funds for about 100 clients of Results One Financial, the Elmhurst investment firm where he was a founding principal, federal authorities said in a December 2011 release announcing charges against Salutric, who authorities say then lived in Carol Stream.

From December 2002 to January 2010, Salutric was authorized to trade in the accounts of the clients, most of them individuals and small business. The trades typically involved the low-risk purchase and sale of mutual funds, authorities said. Instead, Salutric placed funds from about 10 clients into high-risk investments without their approval.

Additionally, authorities say he forged clients' signatures on documents that transferred their funds into bank accounts held by personal business associates and entities in which he had a financial interest, including a movie production company, car dealerships, restaurants and real estate.

He then concealed the scheme by using some of those funds to make "Ponzi-type deposits" into other clients' accounts, authorities said.

As part of his federal plea agreement, Salutric was sentenced to eight years in prison and ordered to pay $3,898,818 in restitution.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here