Investment adviser charged with defrauding clients
BATON ROUGE- A Louisiana-based investment adviser has been charged with defrauding clients by using their money for personal expenses, to pay off other investors and to invest in a risky real estate venture, according to court documents.
Ralph Willard Savoie, a resident of Baton Rouge and Mandeville, was charged last Friday in federal court with one count of wire fraud and one count of identity theft.
The filing says Savoie obtained more than $150,000 from investors he allegedly defrauded and used some of the money on jewelry, hotels, restaurants, credit card bills, a car note and rent.
The filing says Savoie was "associated with" an Iowa-based brokerage firm, Cambridge Investment Research Inc., from July 2013 until August 2015.
According to court records Savoie represented himself as an associate with Cambridge, and falsely portrayed himself as a "reputable and trustworthy financial professional." The charges allege he used Cambridge forms and paperwork to solicit and obtain money from the victims.