FINRA Barred Ralph W. Savoie from the Securities Industry in 2015
Former financial advisor Ralph W. Savoie was charged December 22 with one count of wire fraud, according to acting U.S. Attorney Corey Amundson.
Savoie, a resident of Baton Rouge and Mandeville, LA, is accused of stealing $1.5 million from investors and using the money for personal expenses, to pay off other investors and to invest in a risky real estate venture, according to court documents.
The court filing also said Savoie falsely told clients he would invest their money in securities and insurance and to develop industrial cooling towers. Instead, he allegedly used their money to write checks to himself and his family and to pay off others who had previously invested money with him.
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.
His broker report states that FINRA barred Savoie in September 2015 for refusing to respond to FINRA requests for information and documents during the course of an investigation into allegations that Savoie misappropriated more than $665,000 from at least one member firm customer.
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 concerned about investments you 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, is being provided by The White Law Group.
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 Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.