RIA ordered to pay back $1.2 million to pension plan clients
An Illinois registered investment advisory company has been ordered by a federal judge to pay back $1.2 million to four pension plan client accounts. The co-founder of the company used the money to invest in personal business interests, including a restaurant and a film distribution company.
By Paula Aven Gladych|June 12, 2012 at 12:00 PM
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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.
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