On November 13, 2018, Ralph Willard Savoie, of Mandeville, was sentenced by United States District Judge Shelly D. Dick to 14 years in federal prison and ordered to pay restitution of $1.1 million. Savoie had previously pled guilty to mail fraud on March 26, 2018. The investigation into Savoie’s activities was conducted by the Securities Division of the Office of Financial Institutions, the Internal Revenue Service, and the Louisiana Attorney General’s Office. The prosecution of Savoie was handled by the United States Attorney’s Office for the Middle District of Louisiana.
Savoie acknowledged through his guilty plea that he defrauded investors of approximately $1.5 million. Savoie admitted to promising victim investors he would invest their funds in securities and insurance, describing the investment opportunities as a “sure thing”, and guaranteeing a high rate of return. Instead, Savoie admitted to spending investor funds on personal expenses, credit card bills, rent, as well as withdrawing funds in cash. Savoie also admitted to using investor funds to pay off other investors who had previously invested their money with him.