U.S. Securities and Exchange Commission
Litigation Release No. 21418 / February 19, 2010
Securities and Exchange Commission v. Steve W. Salutric, Civil Action No. 1:10-CV-00115 (N.D. Ill.)
The Securities and Exchange Commission announced that, on February 8, 2010, pursuant to a motion by the SEC, the Honorable Robert M. Dow Jr., United States District Court, Northern District of Illinois, appointed Ira Bodenstein, Esq. as the Receiver over all assets under the possession, custody or control of Defendant Steve W. Salutric (“Salutric”) of Carol Stream, Illinois. In addition, Mr. Bodenstein was authorized by the Court to take actions necessary and appropriate to preserve investor assets.
Previously, on January 8, 2010, the SEC filed an emergency action against Salutric alleging that Salutric operated a fraudulent scheme in which, through forgery and other fraudulent means, he misappropriated millions dollars from his clients at Results One Financial, LLC, an investment advisory firm in Elmhurst, Illinois. As part of that action, the SEC obtained a temporary restraining order, an asset freeze and other emergency relief against Salutric. According to the SEC complaint, Salutric violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.
According to the SEC’s filings in support of its motion for a receiver, evidence indicates that the Defendant misappropriated at least $6.97 million from his clients and that his fraud began as early as 2001 and continued until late 2009. Evidence also indicates that the Defendant has used a complex web of entities as conduits to misappropriate, launder, and conceal client funds. Further, evidence indicates that, in the midst of the SEC’s investigation and even after this Court’s issued its temporary restraining order, the Defendant was still contacting defrauded clients in an attempt to placate them with lies and deceit.
Mr. Bodenstein can be reached at the law firm of Shaw Gussis, 312 North Clark Street, Suite 800, Chicago IL 60654, phone: 312-541-0151, email firstname.lastname@example.org
See Also: SEC Complaint