Tuesday, October 1, 2013
Ralph Saviano, 72, recently pled guilty to mail fraud charges and has been sentenced to 27 months in prison.
Saviano, a Bridgewater, New Jersey, investment adviser with nearly 40 years experience, admitted to stealing $138,000 from two elderly clients to fund his lavish lifestyle. The clients believed the funds would be invested in “conservative securities and Saviano’s business.”
In a parallel investigation, the SEC issued orders barring Saviano from associations with other brokers, dealers, and investment advisers as well as participation in any offering of a penny stock. The case was brought in coordination with President Obama’s Financial Fraud Enforcement Task Force.
See John Patten, Bridgewater Financial Advisor Sentenced to 27 Months, Bridgewater Patch, Sept. 26, 2013.