Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 29, 2016 indicate that former Louisiana-based Cambridge Investment Research broker Ralph Savoie has been permanently barred from acting as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Savoie (CRD# 411660).
Ralph Savoie has spent 39 years in the securities industry and was most recently registered with Cambridge Investment Research in Metaire, Louisiana (2013-2015). Previous registrations include ING Financial Partners in Baton Rouge, Louisiana; Park Avenue Securities in New York, New York; MetLife Securities in Springfield, Massachusetts; Securian Financial Services in St. Paul, Minnesota; Integrated Resources Equity Corporation; the Minnesota Mutual Life Insurance Company; the Paul Revere Variable Annuity Insurance Company; FSC Secu Prities; Paul Revere Equity Sales; and the Equitable Life Assurance Society of the United States. He is currently not registered with any state or firm.
According to his BrokerCheck report, Ralph Savoie has received one regulatory sanction and three pending customer complaints.
In September 2015, FINRA sanctioned Ralph Savoie following allegations 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.” He was issued a permanent bar from the securities industry.
In August 2015, Ralph Savoie was discharged from his position at Cambridge Investment Research following allegations he failed to disclose and receive approval for an outside business activity.
In July 2016, a party of claimants alleged Ralph Savoie, while employed at Cambridge Investment Research and Voya Financial Advisors, engaged in the following misconduct: “the rep, operating through his outside business entity, induced them to invest in companies, which they believe are incorporated by the rep’s family member. The claimants further allege that the rep induced them to sign a power of attorney, so that he could assist them in the administration of their affairs; they allege that the rep charged them fees for financial planning services; and he paid himself with their funds by utilizing the powers of attorney they granted him. The claimants allege that they are entitled to all out of pocket losses, plus an award sufficient to compensate them for the lost use of their money that was lost.” The claimants are seeking $500,000 in damages in the pending complaint.
In July 2016, a party of claimants alleged Ralph Savoie, while employed at Cambridge Investment Research, “liquidated their investments and retirement accounts and replaced them with interests in private companies” with which he was affiliated. The customers are seeking $500,000 in damages in the pending complaint.
In March 2016, a customer alleged Ralph Savoie, while employed at Savoie Financial Group, committed fraud. The customer is seeking damages exceeding $208,200 in the pending complaint.
If you have complaints regarding Ralph Savoie, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on a contingency basis: Fitapelli Kurta only receives payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.