The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Ralph Savoie. According to his publicly available FINRA BrokerCheck report, Ralph Savoie has been the subject of numerous customer disputes.

Ralph Savoie was a Louisiana based securities broker. He worked in the securities industry for thirty-nine years. During his career, he was registered with eleven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • The Equitable Life Assurance Society of the United States (1973-1975)
  • Paul Revere Equity Sales Company (1975-1984)
  • FSC Securities (1982-1983)
  • The Minnesota Mutual Life Insurance Company (1983-1987)
  • Integrated Resources Equity Corporation (1983-1987)
  • Securian Financial Services (1987-2001)
  • Metropolitan Life Insurance Company (2001-2003)
  • MetLife Securities Inc. (2001-2003)
  • Park Avenue Securities (2003-2005)
  • ING Financial Partners (2007-2013)
  • Cambridge Investment Research (2013-2015)

The Allegations

  • In March 2015, a customer alleged that Ralph Savoie committed fraud. This case is currently pending. The customer is seeking $208,294 in damages.
  • In August 2015, Ralph Savoie was terminated from his position at Cambridge Investment Research. This followed allegations that he did not receive approval before engaging in an outside business activity.
  • In July 2016, customers alleged that Ralph Savoie liquidated their investments and retirement accounts to invest them in private investments. This case was settled for $25,000 in damages.
  • In August 2016, customers alleged that Ralph Savoie sold them unsuitable, illiquid, expensive, and highly speculative private placements. This case was settled for $25,000 in damages.
  • In November 2017, a customer alleged that Ralph Savoie invested their funds in an unregistered security known as JENCO Steel. The customer further alleged that Ralph Savoie violated securities laws, breached contract, committed common law fraud, breached his fiduciary duty, and engaged in gross negligence. This case was settled for $59,000 in damages.
  • In March 2018, Ralph Savoie pled guilty to one count of wire fraud in connection with an investment scheme meant to defraud multiple customers. According to the Securities and Exchange Commission, Savoie devised a scheme to defraud at least seven investors out of approximately $187,000. Savoie allegedly represented to investors that he would invest their funds to develop industrial cooling towers. He allegedly presented these investments as “sure things” and even guaranteed an 11.40% return. However, instead of investing, Ralph Savoie allegedly wrote checks to himself and his family. He allegedly used the funds to pay for jewelry, hotels, and restaurants and to pay off his credit card bills and car. Due to these alleged actions, he was barred by the SEC from acting as a securities broker in any fashion.

What Does This Mean?

Converting a customer’s funds is one of the most blatant and fraudulent acts a securities broker could ever commit. Securities brokers like Ralph Savoie perpetrate these schemes by targeting investors they believe rely more heavily on their securities brokers. These are usually less sophisticated investors who are often elderly and lack investment experience.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Ralph Savoie, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.