SEC files Ponzi charges against Carol Stream investor

The U.S. Securities and Exchange Commission filed suit in federal district court Friday against Steven Salutric of Carol Stream, accusing him of misappropriating funds from investors and running a Ponzi scheme to defraud others.

The SEC accused Salutric of misappropriating "at least" $1.8 million from 17 clients of his Elmhurst-based Results One investment firm since 2007, largely through making unauthorized withdrawals from their Charles Schwab accounts.

The suit charged that one of the clients was a 96-year-old woman suffering dementia and living in a nursing home, who lost an estimated $400,000.

The suit also charged Salutric with shuttling funds from account to account and client to client in a "Ponzi-like scheme" to keep his activity going.

According to the suit, Results One, which the SEC said is 44 percent owned by Salutric, who cofounded in 2000, has about 1,000 clients with assets of $160 million. Salutric has an estimated 100 clients with an $16 million in assets. "It is thus possible that the amount of misappropriated funds and the number of defrauded clients may be even greater," the suit suggested.

The suit charged him with violating the Exchange Act and the Investment Advisers Act and sought a return of the funds, civil penalties and an immediate injunction against him doing any additional business.

Results One said Salutric could not be reached for comment.