A Somerset County, N.J. financial advisor, Ralph A. Saviano, 72, of Bridgewater, was sentenced on Wednesday, September, 25th., 2013, to 27 months in prison for stealing $138,000 from two elderly investors and funding his “lavish lifestyle” with money he claimed to be investing in conservative securities and his business, U.S. Attorney Paul J. Fishman announced in an article on the U.S. Attorney’s Website.
Ralph A. Saviano, had previously pleaded guilty before a U.S. District Judge in Trenton federal court to an information charging him with wire fraud. In June, Ralph A. Saviano, 72, pleaded guilty to charges that he stole $138,000 from two elderly investors. Allegedly, Saviano targeted clients between the ages of 60 and 85 between July 2007 and October 2012 through his association with Centaurus Financial Inc. and Saviano Financial Inc.
The Securities and Exchange Commission (SEC) accepted Saviano’s offer of settlement earlier this month, and barred Saviano from associating with brokers, securities dealers, agents or investment advisers, or be involved in promoting, consulting or working with anyone who acts as a broker or issues penny stock.
“Saviano had approximately 300 clients, many of whom were unsophisticated investors … whom he had known for many years and who trusted his financial experience and advice,” Fishman said. “Saviano admitted he targeted clients he knew were about to receive significant amounts of cash, such as maturing certificates of deposit, and proposed that they invest those funds in low-risk investments or in his business.”
In addition to the prison term, Saviano was sentenced to three years of supervised release and ordered restitution of $699,926.51.
According to FINRA’s BrokerCheck, Ralph Anthony Saviano was previously registered with FINRA at the following brokerage firms:
CENTAURUS FINANCIAL, INC.
07/2007 – 06/2012
QUESTAR CAPITAL CORPORATION
NEW BRUNSWICK, NJ
12/2006 – 07/2007
USALLIANZ SECURITIES, INC.
NEW BRUNSWICK, NJ
04/2004 – 12/2006
If you’ve experienced investment losses due to your stock broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.