Investment fraud tears apart lives and destroys trust in financial markets. We want to share the shocking story of Ralph Willard Savoie, a financial adviser from Mandeville, Louisiana who stole over $1.1 million from elderly investors.
Between January 2013 and March 2016, Savoie ran a Ponzi-like scheme that targeted vulnerable seniors. The Ralph Willard Savoie complaints led to serious legal action. On November 13, 2018, courts sentenced him to 14 years in prison and ordered him to pay back $1,143,965 to his victims.
Savoie used investor money for personal items like jewelry, hotel stays, and fancy meals while lying about investing their funds in securities and insurance products. He even threatened one victim who thought about reporting him, saying they would never see their money again.
Making matters worse, Savoie hid the fact that FINRA had banned him from working as a broker. The IRS Criminal Investigation unit, Louisiana Office of Financial Institutions, and Louisiana Bureau of Investigation worked together to bring him to justice.
U.S. Attorney Brandon J. Fremin stated this case sends a clear message about protecting seniors from financial predators. The damage runs deep.
Key Takeaways
Table of Contents
- Ralph Willard Savoie stole over $1.1 million from elderly investors in Louisiana between 2013 and 2016.
- Instead of investing clients’ money, Savoie spent it on personal items like jewelry, hotel stays, and meals.
- A federal judge sentenced Savoie to 14 years in prison and ordered him to pay $1,143,965 in restitution to his victims.
- Savoie continued acting as a broker despite being barred by FINRA, hiding this crucial fact from trusting clients.
- Multiple agencies worked together on the case, including the IRS, Louisiana Office of Financial Institutions, and Louisiana Bureau of Investigation.
The Case of Ralph Willard Savoie
Ralph Willard Savoie ran a major fraud scheme that cost investors millions of dollars. He promised high returns but spent the money on his own bills and a failed cooling tower project.
Fraudulent Activities and Sentencing
Ralph Willard Savoie operated a major investment fraud scheme from January 2013 through March 2016. We found that he tricked investors by promising high returns on securities and insurance investments.
Instead of investing their money, he spent it on personal items like jewelry, hotel stays, and fancy meals. U.S. District Judge Shelly D. Dick handed down a harsh sentence after Savoie admitted to stealing up to $1.5 million from those who trusted him.
The Mandeville financial adviser received 168 months (14 years) in prison for wire fraud. His actions caught the attention of the Louisiana Office of Financial Institutions and Financial Industry Regulatory Authority (FINRA).
Savoie diverted investor funds meant for a risky real estate venture involving industrial cooling towers. The court’s decision sends a clear message about market integrity and investor protection.
Many victims included older adults who lost significant portions of their retirement savings.
Misuse of Investor Funds
Ralph Willard Savoie took money from investors but never used it for actual investments. Instead, he spent these funds on personal expenses and paid off his credit card bills and rent.
This fraud scheme operated similar to a Ponzi arrangement, where he used new investor money to pay earlier investors rather than generating real returns. The Louisiana Office of Financial Institutions found that Savoie promised high rates of return while hiding the truth about his financial activities.
We discovered that Savoie tried to silence at least one victim who confronted him about the missing funds. He admitted to illegal actions but warned this person they would never recover their money if they reported him to authorities.
Financial Industry Regulatory Authority had already barred Savoie, yet he kept this crucial fact secret from people who trusted him with their savings. His actions broke multiple laws while damaging market integrity and harming vulnerable investors who lost their hard-earned money.
Deception and Illegal Actions
Beyond misusing funds, Savoie’s scheme involved layers of deception to trap unsuspecting investors. He falsely promised guaranteed high returns that seemed too good to be true – because they were.
His fraud extended to misrepresenting his professional status, as he continued to act as a broker despite being barred by FINRA. We found that Savoie told clients their money would be safe while knowing he planned to use it for his own benefit.
His actions broke multiple securities laws and violated the trust of people who relied on his supposed expertise. The U.S. District Court for the Middle District of Louisiana determined these actions constituted wire fraud, a serious federal offense that demands accountability.
Legal Consequences for Savoie
Savoie’s actions led to severe legal penalties that serve as a warning to other financial advisors. His case shows how federal courts handle investment fraud with strict sentences and financial recovery measures.
Prison Sentence and Supervised Release
We saw justice served on November 13, 2018, when Ralph Willard Savoie received a harsh prison term for his investment fraud scheme. U.S. District Judge Shelly D. Dick handed down a 168-month (14-year) sentence to the former Mandeville financial adviser.
This substantial punishment reflects the serious nature of wire fraud committed against trusting investors. The court didn’t stop at prison time alone.
Following his release, Savoie must complete a 3-year term of supervised release. This monitoring period helps protect the public from any future financial misconduct. His case involved misuse of client funds for personal expenses and credit card bills instead of legitimate investments.
The Louisiana Office of Financial Institutions collaborated with several agencies to build this case, showing their commitment to market integrity and investor protection. Financial Industry Regulatory Authority (FINRA) records confirm Savoie’s connection to Cambridge Investment Research Inc.
as an independent contractor before his illegal activities came to light.
Restitution and Forfeiture
The court ordered Ralph Willard Savoie to pay $1,143,965 in restitution to his victims as part of his sentence. U.S. District Judge Shelly D. Dick made this ruling to help those who lost money through his investment fraud scheme.
Savoie must also forfeit $1,134,070 in assets that came from his illegal activities. His total admitted theft reached up to $1.5 million taken from investors who trusted him with their money.
These financial penalties show how seriously the justice system takes wire fraud cases. The Louisiana Office of Financial Institutions worked with other agencies to ensure Savoie faced proper consequences for misusing investor funds.
Many victims were vulnerable individuals who believed his promises of high rates of return on their investments.
Impact on Victims
Savoie’s victims lost their life savings and faced crushing financial hardship after trusting him with their money. Many seniors had planned for a secure retirement but now struggle to pay basic bills because of his crimes.
Exploitation of Vulnerable Individuals
Ralph Willard Savoie targeted elderly investors in his fraud scheme, showing a pattern of predatory behavior that demands our attention. These senior citizens trusted him with their life savings, only to have their funds misused for personal expenses and credit card bills.
U.S. Attorney Brandon J. Fremin made it clear that financial professionals who exploit vulnerable people will face serious consequences.
We’ve seen how Savoie lured victims with promises of high returns and “guaranteed” investments that were actually risky ventures. The Louisiana Office of Financial Institutions worked with the Financial Industry Regulatory Authority to uncover this deception.
Many victims lost retirement funds they couldn’t replace, making this investment fraud scheme particularly harmful. The collaboration between the Louisiana Bureau of Investigation and other agencies proved essential in bringing this financial adviser to justice.
Collaboration Among Investigative Agencies
The Ralph Willard Savoie case brought together several key law enforcement groups. IRS-Criminal Investigation worked side by side with the Louisiana Office of Financial Institutions and the Louisiana Bureau of Investigation to uncover the fraud scheme.
This team effort proved vital in gathering evidence against Savoie’s financial crimes. Assistant U.S. Attorney Rene Salomon led the prosecution, building a solid case that resulted in justice for the victims.
Our financial markets depend on trust and integrity. Special agents from these agencies pooled resources and expertise to protect investors from harmful schemes. The collaboration between federal and state authorities shows how seriously the government takes investment fraud in the Middle District of Louisiana.
This united approach helps maintain market integrity and sends a clear message to would-be fraudsters. Next, we’ll examine the serious impact these crimes had on the victims who trusted Savoie with their money.
Message Sent by the Conviction
The joint efforts of multiple agencies led to a powerful statement against financial crimes. This conviction of Ralph Willard Savoie sends a clear message to anyone considering investment fraud schemes.
U.S. Attorney Brandon J. Fremin emphasized how this case serves as a warning to those who might target elderly investors. We must recognize that Ponzi schemes pose serious risks to our financial well-being and security.
Financial industry regulatory authorities view this case as proof that justice catches up with those who exploit vulnerable people. Market integrity depends on honest advisers who put client interests first.
Savoie’s prison sentence shows the serious consequences for wire fraud and misusing investor funds. Public awareness helps investors spot red flags in promises of high rates of return with minimal risk.
Such scrutiny of investment opportunities protects more people from falling victim to similar schemes.
Conclusion
Ralph Savoie’s fraud case serves as a stark warning to all investors about the dangers lurking in financial markets. We must remain vigilant against advisers who promise unrealistic returns while hiding their troubled past.
His 14-year prison sentence shows that justice catches up with those who prey on elderly savers. Investor protection agencies worked together effectively to stop this scheme before more victims lost their life savings.
Anyone facing similar situations should contact qualified investment fraud attorneys who can help recover stolen funds through FINRA arbitration. Financial safety requires checking adviser credentials, questioning high-yield promises, and reporting suspicious activity immediately.
Your retirement security depends on staying informed and skeptical when entrusting others with your hard-earned money.
