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Ralph W. Savoie, a registered representative with Cambridge Investment Research, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Savoie misappropriated in excess of $665,000.00 from a firm customer. Letter of Acceptance, Waiver, and Consent, No. 2015046239401 (Sept. 22, 2015).
According to the AWC, FINRA requested on August 4, 2015, that Savoie provide information and documentation concerning FINRA’s investigation into allegations of Savoie’s misconduct, pursuant to Rule 8210. After FINRA provided Savoie an extension to provide the requested information, Savoie, via counsel, provided FINRA’s staff with what FINRA claimed was a deficient response to their requests.
The AWC further indicated that after FINRA made another request to Savoie on September 1, 2015, to provide the requested information and documentation, Savoie’s counsel informed FINRA that Savoie would not be cooperating any further. FINRA found this conduct to be in violation of FINRA’s Rule 8210 and 2010.
FINRA registered representatives like Savoie who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
According to public disclosure records via FINRA’s BrokerCheck, Savoie has been subject to five disclosure incidents. Savoie twice entered into a financial comprise in March, 2006, to satisfy a portion of debts owed. On March 25, 2015, Savoie became subject to a pending customer dispute in which a customer is requesting $208,294.26 after alleging that Savoie sold him a life insurance policy and committed fraud. Savoie was discharged by Cambridge Investment Research, Inc. on August 11, 2015, amid allegations that Savoie failed to disclose and receive approval for an outside business activity.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.