UPDATE! RALPH SAVOIE Pleads Guilty to FRAUD
Ralph Savoie, formerly with Cambridge Investment Research, Inc., and ING Financial Partners (now Voya Financial Advisors) Pleads Guilty to Fraud
Have you lost money with financial advisor Ralph Savoie of Baton Rouge and Metairie, Louisiana? We are continuing our investigation into allegations made against Ralph W. Savoie. Savoie was recently charged with defrauding clients. In late 2017, he was accused of using investor money to pay off personal expenses, to pay off other investors, and to invest in risky real estate, according to NOLA.com. Financial Planning magazine recently reported that Savoie pleaded guilty to charges of fraud. He will likely face a sentencing hearing in a few months.
Savoie was previously the subject of a regulatory action by FINRA, the Financial Industry Regulatory Authority. FINRA barred Savoie from the securities industry after he failed to respond to a FINRA investigation. FINRA was investigating Savoie regarding allegations that he misappropriated or stole money at least $665,000 from at least one customer.
Ralph Savoie was a financial advisor and registered representative of Cambridge Investment Research, Inc. from July 20213 to September 2015. He also worked with ING Financial Partners (now known as Voya Financial Advisors) from March 2007 to July 2013. He worked at branch offices in Baton Rouge and Metairie, Louisiana. He was also affiliated with Savoie Financial Group LLC.
Ralph Savoie has also been the subject of a March 2015 customer complaint that was filed in Jefferson Parish, Louisiana. The suit alleges that Savoie, Alan Heisser, Guardian Life Insurance, and Savoie Financial Group induced him to purchase life insurance policies with extremely high premiums that he could not afford to maintain.
Brokerage firms like Cambridge Investment Research and ING Financial Partners have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Louisiana and the New Orleans area. Our attorneys have also represented dozens of Ponzi Scheme victims of a former ING Financial Partners advisor, and we have previously represented investors who were Ponzi Scheme victims of a former Cambridge Investment Research advisor. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Savoie FINRA AWC
Click to view: Savoie BrokerCheck
If you lost money with Ralph Savoie, Cambridge Investment Research, or ING Financial Partners, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
FREE CASE EVALUATION
DENVER: (720) 599-3505
SEATTLE: (206) 795-5798