Securities Investigation – Ralph W. Savoie
According the Financial Industry Regulatory Authority (FINRA), Ralph W. Savoie (CRD #411660, Mandeville, Louisiana) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Savoie consented to the sanction and to the entry of findings that he refused to respond to FINRA requests for information and documents during the course of its investigation into allegations that he misappropriated more than $665,000 from at least one member firm customer.
According to his FINRA BrokerCheck report, Savoie was registered with Cambridge Investment Research Inc., in Metairie, LA from July 2013 until August 2015 when he was discharged. Prior to that, he was associated with ING Financial Partners in Baton Rouge from March 2007 through July 2013.
For FINRA’s full findings see FINRA Case #2015046239401.
Failure to Supervise
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
Are you worried about investments made with Ralph W. Savoie? If so, the attorneys at The White Law Group may be able to help you. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
For more information on the firm and its representation of investors, visit http://www.whitesecuritieslaw.com.