United States v. Salutric, No. 13-3308 (7th Cir. 2015)
Annotate this CaseFrom 2002-2010, Salutric, an investment adviser whose firm had more than 1,000 clients, defrauded clients by diverting assets from their Schwab accounts to unapproved, high-risk investments, including restaurants, car dealerships, real estate developments, and an entertainment company. Salutric or his associates had interests in the investments. Salutric’s clients were unaware of these ventures. Salutric represented via falsified paperwork, including forged signatures, that he had clients’ permission to make withdrawals from the Schwab accounts. Six individuals and retirement plans covering 72 small-business employees lost a total of $3,898,818. Salutric pleaded guilty to wire fraud. The court adopted the PSR, including its calculation of an advisory sentencing range of 151 to 188 months in prison, noting victim impact statements which were supplements to the PSR. There were no objections; neither party objected to the court’s declaration that it would consider a statement by the daughter of victims. The court discussed, in detail, 48 letters submitted on behalf of Salutric by family, friends, and community figures detailing his community service and praising his character. After evaluation of the section 3553(a) factors, the court ordered Salutric to serve 96 months. The Seventh Circuit affirmed, rejecting challenges to the court’s consideration of statements by non-victims.
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