Did you or someone you know lose money with former Cambridge Investment Research broker Ralph Savoie? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Mr. Savoie was charged with one count of wire fraud on December 22nd, 2017. He was previously with Cambridge Investment Research in Metairie, Louisiana. Mr. Savoie allegedly received $150,000 from investors, which he then spent on jewelry, hotels, cars, credit card bills, rent and restaurants. He falsely told his clients he would invest their money in securities and insurance and would develop industrial cooling towers. Instead, he used the money to write checks to himself and to pay back other investors. This misconduct occurred from January 2013 until March 2016. The Financial Industry Regulatory Authority (FINRA) barred him from the industry for these things. They are all against securities laws.
Mr. Savoie was previously registered with The Equitable Life Assurance Society of the United States, Paul Revere Equity Sales, FSC Securities, The Minnesota Mutual Life Insurance Company, Integrated Resources Equity Corp, Securian Financial Services, Metropolitan Life Insurance Company, MetLife Securities, Park Avenue Securities, ING Financial Partners and Cambridge Investment Research in Metairie, Louisiana from July 2013 until September 2015. He has five customer disputes against him, two of which are currently pending. They allege fraud, highly speculative private placements, unsuitable, expensive and illiquid investment sales, violations of securities laws, breach of contract, violations of Louisiana securities laws, breach of fiduciary duty, gross negligence, and investments in unregistered securities, all of which are against securities rules and regulations. He has been permanently barred from the industry, according to his public records with FINRA. A broker must take into account a customer’s net worth, investment objectives, investment sophistication and risk tolerance, and age among other factors, before recommending or selling a security. If he does not, his brokerage firm may be liable for losses.