Former Cambridge Investment Research Advisors, Inc. broker Ralph Savoie
was barred in 2015 after allegedly
defrauding investors in a Ponzi scheme. On March 26, 2018, he pleaded guilty to one count of wire fraud and admitted
that he devised the Ponzi scheme that defrauded at least seven investors.
Savoie admitted that he promised to invest the clients' funds in securities
and insurance and for the development of industrial cooling towers. Instead
he used the stolen money on personal expenses, such as hotels, jewelry,
credit card bills, and to pay off previous clients. He also invested in
a risky real estate venture with some of the clients' money. He also
promised a high rate of returns, pitching the so-called investment opportunities
as a “sure thing.” He carried out the deception for more than
three years before his scheme came to an end in 2016. Savoie now stands
to face a long prison stay, complete with fines, forfeitures, and restitution orders.
In addition to his looming prison sentence and financial penalties, Savoie
is also no longer able to register with a FINRA member firm and has been
barred from the industry. Additionally, he has two pending and four settled
customer disputes on his report in connection with the allegations against him, including wire fraud and
selling unsuitable and expensive private placements in a Ponzi scheme
to access client funds. He worked with Cambridge Investment Services,
Inc. from July 2013 to September 2015. Prior to that, he worked with ING
Financial Partners, Inc.
Did You Lose Money While Investing With Ralph Savoie?
If you invested with Savoie and suffered financial losses, Meyer Wilson
would like to hear from you. Give our office a call at (888) 390-6491
today to discuss your legal options with one of our investment fraud lawyers, or
fill out our online form to schedule a free case evaluation.