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 (800) 738-1960 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.