A Louisiana man has been sentenced to 14 years in prison for his guilty plea to charges of defrauding investors out of up to $1.5 million.
The U.S. Attorney's office said Wednesday that 71-year-old Ralph Savoie of Mandeville was also ordered to pay $1.1 million in restitution to his victims.
U.S. District Judge Shelly Dick also ordered Savoie to serve three years of supervised release when he finishes the prison term.
The U.S. Attorney's Office said Savoie pleaded guilty in March to wire fraud. He admitted that instead of investing his clients' money, he spent it on jewelry, hotels and restaurants. He also paid credit card bills and rent and paid other victims who had previously invested with him.
He was taken into custody immediately after the hearing.