RALPH WILLARD SAVOIE (CRD#: 411660) was charged December 22, 2017, with one count of wire fraud. Savoie, based in Louisiana, has been charged with defrauding clients by using the clients’ money for his own personal expenses, to pay off other investors, and to invest in a high-risk real estate venture.
According to the court filing, of the $150,000 Savoie received from investors, some of the money was used on jewelry, hotels, restaurants, credit card bills, a car note and rent, and Savoie falsely told his clients that he would invest their money in securities and insurance and to develop industrial cooling towers. Instead, according to the filing, he used their money to write checks to himself and his family and to pay off others who had previously invested with him.
Allegedly, RALPH WILLARD SAVOIE was soliciting and obtaining money from defrauded investors from approximately January of 2013 to March of 2016.
FINRA barred RALPH WILLARD SAVOIE on 9/22/15, from acting as a broker or otherwise associating with a broker-dealer firm.
According to FINRA’s BrokerCheck, RALPH WILLARD SAVOIE, has 7 Disclosures on his report, 5 of those Disclosures are Customer Disputes. Some of the alleged claims on the Customer Disputes are: selling unsuitable, illiquid, expensive, and highly speculative private placements, Savoie allegedly liquidated investments and retirement accounts and replaced them with interests in private companies affiliated with Savoie, and selling a life insurance policy and allegedly committing fraud.
RALPH WILLARD SAVOIE was in the securities industry for 39 years and was listed with 12 firms, the 2 most recent listed below:
7/30/2013 – 09/01/2015 CAMBRIDGE INVESTMENT RESEARCH INC – METAIRIE, LA
03/06/2007 – 07/18/2013 ING FINANCIAL PARTNERS INC – BATON ROUGE, LA
If you experienced losses due to the actions or recommendations of RALPH WILLARD SAVOIE, formerly of Cambridge Investment Research in Metairie, LA, call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment through a FINRA arbitration at: 888-760-6552.
Soreide Law Group operates on a contingency fee basis and represents clients nationwide before FINRA.