Financial Adviser Gets 27 Months

Ralph Saviano, 72, recently pled guilty to mail fraudcharges and has been sentenced to 27 months in prison.

Saviano, a Bridgewater, New Jersey, investment adviser withnearly 40 years experience, admitted to stealing $138,000 from two elderlyclients to fund his lavish lifestyle. The clients believed the funds would be invested in “conservativesecurities and Saviano’s business.”

In a parallel investigation, the SEC issued orders barringSaviano from associations with other brokers, dealers, and investment advisersas well as participation in any offering of a penny stock.  The case was brought in coordination withPresident Obama’s Financial Fraud Enforcement Task Force.

See John Patten, Bridgewater Financial Advisor Sentenced to27 Months, Bridgewater Patch, Sept. 26, 2013.