Financial Adviser Gets Jail Term for Wire Fraud
A New Jersey financial adviser who stole $138,000 from two elderly investors has been sentenced to 27 months in federal prison.
Ralph Saviano of Bridgewater was also ordered Wednesday to pay nearly $700,000 in restitution and serve three years of supervised release.
The 72-year-old Saviano pleaded guilty in June to wire fraud charges. He admitted using the money to fund a lavish lifestyle and pay personal and business expenses.
Prosecutors say Saviano had worked in the financial industry for more than 40 years and had roughly 300 clients, many of whom were unsophisticated investors between the ages of 60 and 85.
Saviano targeted clients he knew were about to receive significant amounts of cash and proposed that they invest those funds in low-risk investments or in his business.
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