Michele George Savarese (also known as Michael Savarese and as Mike Savarese) of San Diego California a stockbroker and investment adviser representative of Presidential Brokerage Inc. (now known as Forta Financial Group) is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $100,000.00 in damages founded upon accusations of negligence, unsuitable transactions and breach of fiduciary duty concerning alternative investment transactions between 2014 and 2021 through Savarese. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01528 (July 28, 2021). The claim also alleges breach of contract and fraud. According to the claim, Presidential Brokerage Inc. failed to supervise Savarese’s sales practices.
Savarese has been identified in twelve more customer initiated investment related disputes containing allegations of his wrongdoing while employed by securities broker dealers, including Drexel Burnham Lambert Inc., Prudential Securities Incorporated, Presidential Brokerage, and Forta Financial Group. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim concerning Savarese’s activities was resolved for $123,000.00 in damages based on accusations of churning of the customer’s account and breach of fiduciary duty by Savarese at PSI.
Another customer filed an investment related complaint concerning Savarese’s conduct. They requested $162,105.00 in damages supported by allegations of negligence relating to unit investment trusts and over-the-counter equities by Savarese during the period that he was associated with Presidential Brokerage Inc.
Savarese is also referenced in a customer initiated investment related written complaint where the customer sought $225,000.00 in damages founded on accusations that Savarese caused them to suffer from poor performance on over-the-counter equities. The claim alleges misrepresentation pertaining to over-the-counter equities by Savarese while at Presidential Brokerage.
A different customer filed an investment related complaint involving Savarese’s activities in which they requested $62,000.00 in damages based upon allegations of breach of fiduciary duty by Savarese relating to unit investment trusts, mutual funds, stocks, and over-the-counter equities at Presidential Brokerage Inc.
Savarese is also the subject of a customer initiated investment related FINRA securities arbitration claim. The customer sought $95,000.00 in damages supported by accusations that from September of 2015 to June of 2021, Presidential Brokerage and Forta Financial Group failed to supervise Savarese’s alternative investment recommendations or sales. FINRA Arbitration No. 21-01555 (June 28, 2021). The claim alleges breach of contract, negligence, and unsuitability pertaining to those securities transactions.
Since August 16, 2018, Savarese has been registered with Client One Securities LLC as a stockbroker and investment adviser representative.