Man Pleads Guilty to Stealing $138K From Elderly Investors

A Bridgewater man has pleaded guilty to wire fraud after surrendering himself to the FBI Wednesday morning.

Ralph Saviano, 72, pleaded guilty to stealing $138,000 from two elderly investors, while also using the money he claimed to be investing in conservative securities and his business to fund his lifestyle, according to U.S. Attorney Paul Fishman.

He could face a maximum of 20 years in prison and a fine of up to $250,000, if convicted.

Saviano is an investment advisor who was working in the financial industry for more than 40 years, a release from Fishman's office said, and targeted clients through working with Centaurus Financial Inc. and Saviano Financial Group. From July 2007 through October 2012, Saviano had about 300 clients, many of whom were between the ages of 60 and 85, Fishman said.

In court, Saviano admitted that he targeted clients who he knew were about to receive large amounts of cash, and then suggested that they invest the money in low-risk investments or his own business, according to the release. Saviano, told them he would use the money only for business expenses.

Saviano admitted that in May 2012, an 85-year-old client gave him about $63,000 through a mature CD, and he told her the money would be invested in two different funds, Fishman said. When they went to the bank to redeem the CD, the release said, he told her to make the proceeds payable to him.

In addition, the release said, in June 2012, an 80-year-old client gave Saviano about $75,000 that she had inherited and was told to make the check out to cash.

Since then, Saviano has not returned any of the principals of the investmentsand the victims have not received interest payments, Fishman said. Instead, Saviano admitted to using the funds to repay money from other clients, while also paying for personal expenses, including $33,000 for granite countertops and other home work; $18,000 in cash to himself and family; $10,000 in personal mortgage and rent; and thousands more dollars for jewelry, clothes, a family vacation to Aruba and more, according to Fishman.

A sentencing will be scheduled for Sept. 11.