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A Louisiana investment advisor has been convicted in connection with stealing more than $1.5 million from his clients.
Ralph Willard Savoie, 70, pleaded guilty to mail fraud this week. Savoie admitted that between 2013 and 2016, he scammed investors by telling them he would invest their funds in insurance and securities. Although Savoie described the investment opportunity as a “sure thing” and promised high rates of return, he never actually invested the funds as promised. Instead, according to US Attorney Brandon J. Fremin, Savoie spent his victims’ money on jewelry, hotels and restaurants. He also used investor funds to pay his personal credit card bills and to pay off previous investors.
According to the US Attorney’s Office, when one investor confronted Savoie, he admitted that what he was doing with investors’ money was illegal, but told the victim that he’d never see his money again if he turned Savoie in to law enforcement.
All told, Savoie stole up to $1.5 million from investors. His sentencing has not yet been scheduled.
