Ralph Willard Savoie Lawsuit

Ralph Willard Savoie defrauded investors for more than three years beginning in 2013, telling his clients that he would invest their money in securities and insurance, and to develop industrial cooling towers, according to court documents. Savoie guaranteed high rates of return to his clients, describing the investment opportunities as a “sure thing.”

Instead, Savoie spent clients’ money on jewelry, hotels, restaurants, personal credit card bills, car payments and rent. He also used investors’ money on “a risky real estate venture” and to pay off clients who had previously invested their money with him, according to federal court documents.

During the timespan of Savoie’s scheme, he was “associated with” multiple brokerage firms, including Fairfield, Iowa-based brokerage firm, Cambridge Investment Research Inc.

Cambridge, with which Savoie was associated from roughly July 2013 until August 2015, is mentioned a number of times in court filings, which describe how Savoie used his association with the firm to convince victims to invest with him and, once clients began questioning their investments, to “lull them into believing he was a reputable and trustworthy financial professional who had indeed invested their money as promised.”

Peiffer Wolf has represented thousands of victims of investment fraud, against both brokers and financial institutions that failed to adequately perform their duties and protect the investing public. Broker misconduct or investment fraud can take many forms.  Some are easy to detect, and others require careful investigation and analysis.  We represent investors who have been victim to broker misconduct or other fraudulent investment activities.