Dominican adviser guilty of money laundering

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Updated: December 18, 2011 8:17AM

An investment adviser who had Dominican University in River Forest as one of his clients is awaiting sentencing after pleading guilty in federal court to mail fraud and money laundering.

Timothy J. Roth, 56, of Stonington, pleaded guilty on Oct. 25 to the charges at U.S. District Court, Central District, in Peoria. The charges state that Roth defrauded 11 companies or individuals out of $16 million during a period from May 2004 to March 2011. Dominican University was one of his victims.

Roth stole about $340,000 from the university while working at an investment management firm that managed the university’s mutual fund investments, according to court filings.

Roth used the university’s funds as well as his other client’s funds for his own personal or business use, according to court documents.

Roth’s attorney, Theodore Poulos, said his client has been working with all the agencies involved. “He’s cooperating with the agencies to do everything he can to maximize the restitution of funds,” he said.

For Roth’s cooperation Poulos said he hopes to get a 10 percent reduction in sentencing from the low-end portion of the sentencing parameters that correspond with the charges.

On the mail fraud charge there is the potential that Roth could receive 20 years in prison, up to $250,000 in fines and a possible five years of supervised release. For money laundering he could get 10 years in jail, a $250,000 fine. He will be asked to repay twice the amount embezzled and serve three years of supervised release or a combination of the two.

Roth’s sentencing date is scheduled for July 24 and is currently out on $25,000 bond.

A representative from Dominican University was unavailable for comment.