Bridgewater resident Ralph Saviano, 72, was sentenced Wednesday to 27 months in prison, following his guilty plea to mail fraud charges, U.S. Attorney Paul J. Fishman announced.
In June, Saviano, an investment advisor with nearly 40 years experience in the area, had entered a guilty plea to charges he stole $138,000 from two elderly clients through his financial advisory company to fund a lifestyle Fishman called “lavish.” Fishman said the clients were told the funds were invested in “conservative securities and Saviano’s business.”
At the plea hearing on June 5, U.S. District Judge Freda L. Wolfson, in Trenton federal court, entered a consent judgment and order of forfeiture in the amount of $699,926.51, which constitutes the proceeds Saviano obtained from his known investor victims as a result of his offense.
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Bridgewater Financial Advisor Sentenced to 27 Months