Cambridge Investment Research Sued For Private Placement Fraud

Ralph Willard Savoie of Metairie Louisiana a stockbroker formerly registered with Cambridge Investment Research Inc. has been referenced in a customer initiated investment related arbitration claim where the customer requested $90,000.00 in damages supported by allegations that Savoie effected sales of private placements that were illiquid and ultimately unsuitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00149 (Jan. 19, 2018).

FINRA Public Disclosure confirms that Savoie has been identified in five additional customer initiated investment related disputes that pertain to accusations of his wrongful conduct during the time that he was associated with Savoie Financial Group LLC, VOYA Financial Advisors, Inc. and Cambridge Investment Research, Inc. Four of those disputes were lodged against Savoie subsequent to him having been barred in all capacities by FINRA for failing to provide documentation and information to FINRA in an investigation into allegations that he misappropriated $665,000.00 from a customer of Cambridge Investment Research, Inc. in violation of FINRA Rules 2010 and 8210. Letter of Acceptance Waiver and Consent No. 2015046239401 (Sept. 22, 2015).

Particularly, a customer filed an investment related civil action involving Savoie’s conduct in which the customer sought $208,294.26 in damages based upon accusations that Savoie defrauded the customer. Civil Action No. 747-460 (Mar. 25, 2015). Thereafter, a customer initiated investment related arbitration claim concerning Savoie’s activities was settled for $25,000.00 in damages founded on allegations that Savoie inappropriately sold the customer’s investment portfolio and placed the proceeds in private entities that Savoie was associated with. FINRA Arbitration No. 16-01869 (Apr. 10, 2017).

Subsequently, a customer initiated investment related arbitration claim involving Savoie’s conduct was settled for $25,000.00 in damages supported by accusations that Savoie improperly placed the customer’s funds in expensive, overly-speculative and illiquid investments. FINRA Arbitration No. 16-02155 (Aug. 21, 2017). Another customer initiated investment related arbitration claim that pertained to Savoie’s conduct was settled for $25,000.00 in damages based upon allegations that private placement transactions were executed in the customer’s account that were not suitable for the customer. FINRA Arbitration No. 16-02155 (Aug. 22, 2017).

Further, a customer filed an investment related arbitration claim concerning Savoie’s conduct where the customer requested $100,001.00 in damages founded on accusations of gross negligence, breach of fiduciary duty, breach of contract, violation of Louisiana securities law and securities fraud relating to the customer’s investment in JENCO Steel, LLC – an unregistered security. FINRA Arbitration No. 17-02290 (Nov. 8, 2017).

Savoie was terminated from Cambridge Investment Research, Inc. on August 11, 2015 based upon allegations that he failed to inform the firm about outside business activities that he engaged in.

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