The co-founder and director of the now defunct Results One Financial LLC has been ordered by a federal court in Chicago to restore more than $1.2 million to four pension plan client accounts from which he allegedly withdrew funds from 2005 through 2009, in violation of the Employee Retirement Income Security Act.
The U.S. Department of Labor conducted an investigation and filed a lawsuit against Steven Salutric alleged that he misdirected the assets of client plans to entities in which he had an interest, including a film distribution company, a restaurant, a real estate partnership and to a church where he served as treasurer.
“It is particularly egregious when those entrusted with protecting workers’ retirement assets jeopardize them by committing illegal acts for personal gain,” said Secretary of Labor Hilda Solis. “The Labor Department is committed to taking all necessary actions to ensure that workers’ hard-earned income and benefits are protected. America’s workers deserve and are entitled to keep what they have rightfully earned for themselves and their families.”
Results One Financial LLC was a registered investment advisory company that provided services to a wide range of clients, including ERISA-covered employee benefit plans.
The court order requires Salutric to restore all losses, including lost opportunity costs, to the four pension plan clients and to correct the prohibited transactions involved. The judgment also bars Salutric from serving as a fiduciary or service provider to any employee benefit plan governed by ERISA in the future.