Today in federal court in Chicago, ponzi schemer Steven Salutric changed his plea and pled guilty to one count of wire fraud in the criminal complaint (information). The complaint stems from his unauthorized withdrawals of client’s money from their Charles Schwab accounts and his efforts to conceal the unauthorized withdrawals. The money was then used to pay Salutric personally or in one of the many business ventures that he had, including restaurants, a movie production company, a car dealership, and a real estate partnership. The prosecutors allege that the scheme involved 10 victims and $4.2 million in stolen funds. Salutric agreed on everything, except for the $4.2 million. The sentencing hearing is set for December 6 at 10:00 am. We continue to pursue FINRA arbitration claims against Charles Schwab on behalf of victims of Mr. Salutric.