Ralph A. Saviano, a 72 year-old financial advisor from Bridgewater, New Jersey, was sentenced to 27 months in prison for taking $138,000 from two elderly investors. Saviano told his clients that he was investing their money in conservative investments when in fact he was taking the money for his own personal use. Saviano had pled guilty in Trenton federal court to wire fraud.
According to reports from the FBI and court documents, Saviano worked in the financial industry for more than 40 years. He targeted his clients with Centaurus Financial Inc. and later through Saviano Financial Group (SFG) from July 2007 - October 2012. Saviano had approximately 300 clients, several unsophisticated investors between 60 and 85 who trusted his financial experience. Saviano admitted targeting clients he knew were about to receive significant amounts of cash, such as CDs, and suggested they invest the funds in low-risk investments or in his business, SFG.
Saviano admitted taking funds from elderly clients to repay prior loans from other clients. This was similar to a Ponzi-scheme designed to pay for a number of his personal and business expenses.
In addition to the prison term, and three years of supervised release, Savanino was ordered to pay restitution of $699,926.51 which is the amount of money obtained from his victims.
FINRA and the SEC have permanently barred Ralph A. Saviano from acting as a broker or financial advisor, or otherwise associating with firms that sell securities to the public.
Ralph A. Saviano was previously registered with the following securities firm(s):
07/2007 - 06/2012 CENTAURUS FINANCIAL, INC. (CRD# 30833) - SOMERSET, NJ
If you or an elderly family member suffered financial losses due to your this broker/financial advisor, call the Soreide Law Group for a no cost consultation on how to potentially recover your losses at 888-760-6552. We represent our clients nationwide before FINRA.
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