Hanover Park man under federal indictment faces new forgery charges

A Hanover Park investment counselor under federal indictment accused of swindling his clients out of more than $4.26 million faces new forgery charges.

Steven W. Salutric, 54, altered six checks from Autumn Landscaping Co. to make them payable to himself, said Cook County prosecutors during Salutric’s bond hearing Saturday in Rolling Meadows.

The checks ranged from $2,500 to $4,400, said Cook County Assistant State’s Attorney Casey Hunter.

A Cook County judge set Salutric’s bail at $30,000. He next appears in a Rolling Meadows courtroom on March 13.

Federal authorities announced wire fraud charges against Salutric in December after they say he funneled clients’ money to business associates and to restaurants, car dealerships and a movie production company in which he had a financial interest.

He was out on a $25,000 bail at the time of his arrest.

Salutric managed funds for about 100 clients while employed by Results One Financial, an Elmhurst investment advisory firm, authorities said. According to the charges, he used his authority as custodian of his clients’ financial accounts to withdraw money without their permission and funnel it into high-risk investments.

Salutric reportedly forged clients’ signatures in order to transfer their money into businesses and bank accounts controlled by his associates, authorities said. The charges also allege that he used some of his clients’ money “to make Ponzi-type deposits” into other clients’ accounts in order to perpetuate the scheme.

If convicted, Salutric could face up to 20 years in prison and a $250,000 fine. Restitution is mandatory.

Ÿ Daily Herald staff writer Elena Ferrarin contributed to this report.