Ralph Willard Savoie Lawsuit | Broker Misconduct

Who Is Ralph Willard Savoie? | Ralph Willard Savoie Lawsuit

Ralph Willard Savoie defrauded investors for more than three years beginning in 2013, telling his clients that he would invest their money in securities and insurance, and to develop industrial cooling towers, according to court documents. Savoie guaranteed high rates of return to his clients, describing the investment opportunities as a “sure thing.

Instead, Savoie spent clients’ money on jewelry, hotels, restaurants, personal credit card bills, car payments and rent. He also used investors’ money on “a risky real estate venture” and to pay off clients who had previously invested their money with him, according to federal court documents.

During the timespan of Savoie’s scheme, he was “associated with” multiple brokerage firms, including Fairfield, Iowa-based brokerage firm, Cambridge Investment Research Inc.

Cambridge, with which Savoie was associated from roughly July 2013 until August 2015, is mentioned a number of times in court filings, which describe how Savoie used his association with the firm to convince victims to invest with him and, once clients began questioning their investments, to “lull them into believing he was a reputable and trustworthy financial professional who had indeed invested their money as promised.”

Broker Ralph Willard Savoie| Ralph Willard Savoie Lawsuit

According to Ralph Willard Savoie’s BrokerCheck report, 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 an investigation into allegations that Savoie misappropriated more than $665,000 from at least one member firm customer.

One of the Customer Disputes alleges that representative invested $82,142 into an unregistered security named JENCO Steel, LLC in 2009. The claim alleges violations of securities laws, breach of contract, violations of Louisiana securities law, common law fraud, breach of fiduciary duty, and gross negligence.

Based on our experience, we believe that there are more investors who have been the victim of broker misconduct or investment fraud. If you’ve worked with or invested with Ralph Willard Savoie, you should Contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation.

Peiffer Wolf Carr & Kane is currently investigating Ralph Willard Savoie’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation. 585-310-5140

FREE Consultation | 585-310-5140

If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors.

Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.

Peiffer Wolf (1316 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.