An Illinois man with ties to Carroll County could serve more than eight years in prison after he pleaded guilty to federal mail fraud on Tuesday, admitting to hatching a scheme to defraud clients of his investing business of more than $2.6 million, according to a news release from the U.S. Justice Department.
Gary Clark Steciuk, of Buffalo Grove, Ill., is a stockbroker who owns College Funding Solutions, a business that purported to assist clients in making investments to pay for college expenses, according to the release.
As part of a plea agreement, the 39-year-old Steciuk admitted to embezzling funds from his clients' accounts from May 2008 through August 2014 using a range of methods, including routing his clients' investment checks through a post office box in Hampstead, forging their signatures and depositing the money into his own accounts, according to the release.
The Justice Department release stated that there were at least 18 victims of the fraud scheme, including Steciuk's mother-in-law and step-grandmother, with the total losses pegged at $2,686,025.07.
In October, Steciuk was indicted on one count of mail fraud, one count of money laundering and three counts of securities fraud by a federal grand jury and faced a maximum sentence of 20 years in prison. If the court accepts Steciuk's plea, according to the release, he will serve 105 months in prison and will be required to pay in restitution the more than $2.6 million he embezzled as well as forfeiting any property or assets he might have gained through his fraudulent scheme.
Steciuk remains in detention while awaiting his March 27 sentencing before U.S. District Judge Ellen L. Hollander, according to the release.
Reach staff writer Jon Kelvey at 410-857-3317 or jon.kelvey@carrollcountytimes.com.
