Have you suffered losses as a result of your dealings with Ralph A. Saviano? If so, the securities attorneys of The White Law Group may be able to help.
On June 5, 2013, New Jersey broker, Ralph A. Saviano, pled guilty to stealing $138,000 from two elderly investors. According to the FBI’s press release (here), Mr. Saviano admitted that he targeted clients who recently came into significant amounts of cash and persuaded them to invest in low-risk securities and his business. However, Mr. Saviano used his clients funds for personal expenses and to repay previous victims.
The press release also alleges that Mr. Saviano’s victims had known him for many years and trusted his financial advice. According to the FBI press release, Mr. Saviano worked with approximately 300 clients during the relevant time, many of whom were unsophisticated investors between the ages of 60 and 85.
An order of forfeiture in the amount $699,926.51 was entered at Saviano’s plea hearing. However, it is unknown if Mr. Saviano even has the money to repay his victims. As such, investors are encouraged to investigate the responsibility of the brokerage firm that employed Mr. Saviano for investment losses.
Brokerage firms have a supervisory duty to monitor the conduct of their employees. When a broker, such as Mr. Saviano, steals and misleads clients, the brokerage firm may be liable for failure to supervise their employee.
According to Mr. Savion FINRA Broker Report, he was registered with FINRA during the relevant time period, working with Centaurus Financial from 07/2007-06/2012. Mr Saviao worked with Questar Capital Corporation from 12/2006-07/2012 and Usuallianz Securities from 04/2004-12/2006.
If you are concerned about investments you made with Ralph A. Saviano and would like to discuss your litigation options, please call the securities attorneys of The White Law group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit http://www.whitesecuritieslaw.