ALPH WILLARD SAVOIE (RALPH SAVOIE) CRD#: 411660, a 71 year-old former financial advisor, was sentenced to 14 years in prison after he admitted to stealing up to $1.5 million from his clients. According to news reports, Savoie, pleaded guilty in March to wire fraud. Savoie must also serve three years of supervised release, forfeit $1.1 million and pay $1.1 million in restitution to his victims, according to the U.S. Attorney in Baton Rouge, LA.
According to FINRA’s BrokerCheck, Savoie was with Cambridge Investment Research, Inc. of Metairie, Louisiana from 7/30/2013 – 09/01/2015. He was previously with ING Financial Partners, Inc. of Baton Rouge, Louisiana from 3/06/2007 – 07/18/2013. Savoie was with 12 firms over the 39 years he spent in the securities industry.
RALPH SAVOIE has been barred by the SEC and FINRA from acting as a broker or investment advisor or otherwise associating with firms that sell securities or provide investment advice to the public.
According to the court documents, beginning in 2013, RALPH SAVOIE promised his clients high rates of return and said that their money would be invested in securities, insurances, and in an industrial cooling tower development. But Savoie diverted his clients’ funds to his own personal expenses. This included rent, jewelry, restaurants and hotels, and credit card bills. He also used the money to pay previous investors.
RALPH SAVOIE was barred by FINRA in 2015, and he concealed this information from his clients according to news reports. Savoie also used part of the funds to invest in a risky real estate deal. This scheme came to an end when one of his clients confronted Savoie in approximately March of 2016. He wanted to know how the money he had invested was used. According to news reports, Savoie admitted to the client that it was illegal.
According to FINRA’s BrokerCheck, RALPH SAVOIE has 11 Disclosures on his report. He had no disclosures before March of 2015, when a client alleged Savoie sold him a life policy and committed fraud, seeking $208,294 in damages. The claim is still pending. In August of 2015, Cambridge Investment Research, Inc. discharged Savoie for alleged failure “to disclose and receive approval for outside business activity.” FINRA barred Savoie in 2015 for failure to provide information for its investigation into allegations he had misappropriated over $665,000 from at least one of his clients. The SEC barred Savoie in July of 2018 in connection to his guilty plea to wire fraud.
If you were a client of the former Cambridge Investment Research, Inc. broker, RALPH SAVOIE, and you experienced losses due to his actions or recommendations, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.