Louisiana man gets 14 years for defrauding investors
BATON ROUGE, La. (AP) - A Louisiana man has been sentenced to 14 years in prison for his guilty plea to charges of defrauding investors out of up to $1.5 million.
The U.S. Attorney's office said Wednesday that 71-year-old Ralph Savoie of Mandeville was also ordered to pay $1.1 million in restitution to his victims. U.S. District Judge Shelly Dick also ordered Savoie to serve three years of supervised release when he finishes the prison term. The U.S. Attorney's Office said Savoie pleaded guilty in March to wire fraud.
He admitted that instead of investing his clients' money, he spent it on jewelry, hotels, and restaurants. He also paid credit card bills and rent and paid other victims who had previously invested with him. He was taken into custody immediately after the hearing.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Man accused in 2011 slaying of wife expected in court
One injured in overnight shooting at fast food restaurant
Residents fear proposed development could increase neighborhood traffic
Saints owner releases statement on crucial missed penalty, calls for changes in...
Volunteers clean up historical cemetery on MLK Day