Advisor Alert: Our Attorneys Are Investigating Michele George Savarese For Investment Fraud
Did You Lose Money Because of Michele (Mike) Savarese?
Filed: February 9, 2024
Michele Savarese (also known as Michael Savarese and Mike Savarese) currently has one (1) pending customer complaint. Overall, he has been the subject of fourteen (14) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Michele George Savarese.
Who Is Michele George Savarese of Creativeone Securities, LLC?
- Advisor Name: Michele George Savarese
- Aliases: Michael Savarese, Michele Savarese, Mike Savarese
- CRD: 1241811
- Location: San Diego, California
- Current Employer: Creativeone Securities, LLC
- Previous Firms: Kestra Advisory Services, LLC and Presidential Brokerage, Inc.
- Number of Known Customer Complaints: 14
- Can Michele Savarese Be Sued: Yes, in Private Arbitration
- Can Michele Savarese’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $300,000
- Highest Settlement: $437,500
If you have suffered investment losses by Michele Savarese, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Michele (Mike) Savarese For Broker Misconduct
As of this publication date, Michele Savarese has been the subject of 14 customer disputes. Let’s review them below.
In January 2024, a FINRA arbitration was filed against or in reference to Michele Savarese by a customer of Kestra Investment Services, LLC alleging breach of fiduciary duty and account negligence. Per the customer, he/she lost over $100,000 because of Mr. Savarese’s actions. As of this publication date, this claim remains pending.
In July 2021, a FINRA arbitration was filed against or in reference to Michele Savarese by a customer of Forta Financial Group alleging unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and negligence between August 2014 and June 2021. Per the customer, he/she lost over $100,000 because of Mr. Savarese’s actions. On December 23, 2021, Mr. Savarese settled the claim for $437,500, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In September 2020, a FINRA arbitration was filed against or in reference to Michele Savarese by a customer of Forta Financial Group alleging negligence, negligent supervision, unsuitability, and breach of contract between September 2015 and June 2021. Per the customer, he/she lost over $95,000 because of Mr. Savarese’s actions. On December 16, 2021, Mr. Savarese settled the claim for $34,000, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In January 2010, a complaint was filed against or in reference to Michele Savarese by a customer of Presidential Brokerage, Inc. alleging breach of fiduciary duty and that client suffered a decline in the value of her account following the market correction of 2008. The client also claimed that the representative had a fiduciary duty to make her whole. Per the customer, she lost over $62,000 because of Mr. Savarese’s actions.
In July 2002, a complaint was filed against or in reference to Michele Savarese by a customer of Presidential Brokerage, Inc. alleging misrepresentation and poor performance. Per the customer, she lost over $225,000 because of Mr. Savarese’s actions.
In September 2001, a complaint was filed against or in reference to Michele Savarese by a customer of Presidential Brokerage, Inc. alleging negligence and failure to use stops on various securities between May 2000 and September 2001. Per the customer, she lost over $162,105 because of Mr. Savarese’s actions.
In February 1999, a complaint was filed against or in reference to Michele Savarese by a customer of PSI alleging breach of fiduciary duty, churning, loss of money. Per the customer, he/she lost over $155,739 because of Mr. Savarese’s actions. On February 5, 1999, Mr. Savarese settled the claim for $123,000, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In November 1998, a complaint was filed against or in reference to Michele Savarese by a customer of Presidential Brokerage, Inc. alleging unsuitability of investments in an account administered by registrant at Presidential Brokerage, Inc. Per the customer, he/she lost over $29,000 because of Mr. Savarese’s actions. On June 17, 1999, Mr. Savarese settled the claim for $16,955, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In November 1994, a complaint was filed against or in reference to Michele Savarese by a customer of Prudential Securities Incorporated alleging churning, breach of fiduciary duty, account related negligence, and suitability. Per the customer, he/she lost over $82,790.12 because of Mr. Savarese’s actions. On March 23, 1995, Mr. Savarese settled the claim for $32,000, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In August 1994, a complaint was filed against or in reference to Michele Savarese by a customer of Prudential Securities Incorporated alleging misrepresented trades in circus shares with damages in excess of $33,000. On October 27, 1994, Mr. Savarese settled the claim for $40,000, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In April 1994, a complaint was filed against or in reference to Michele Savarese by multiple customers of PSI alleging fraud, misrepresentation, churning, suitability and over concentration regarding handling their account. Specifically, customers alleged the unsuitable nature of their investment in Ballard Medical. Per the customers, they lost over $300,000 because of Mr. Savarese’s actions. Mr. Savarese settled the claim for $320,000, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In December 1991, a NASD arbitration was filed against or in reference to Michele Savarese alleging unsuitability of trading pattern and churning of account with damages. Per the customer, he/she lost over $120,000 because of Mr. Savarese’s actions. On December 31, 1992, Mr. Savarese settled the claim for $92,500, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
In December 1989, a complaint was filed against or in reference to Michele Savarese by a customer of Drexel Burnham Lambert, Inc. alleging unauthorized trading. Per the customer, he/she lost over $41,000 because of Mr. Savarese’s actions. An arbitration panel found that Michele Savarese was negligent and awarded $19,000 in favor of the customers.
In March 1988, a complaint was filed against or in reference to Michele Savarese by a customer of Drexel alleging churning and damages. Per the customer, he/she lost over $283,000 because of Mr. Savarese’s actions. On June 2, 1989, Mr. Savarese settled the claim for $80,000, and some or all of this amount may have been paid by Mr. Savarese’s employer and/or insurance carrier.
How To File A Claim Against Michele (Mike) Savarese of Creativeone Securities, LLC (previously with Kestra Advisory Services, LLC and Presidential Brokerage, Inc.) To Get Your Money Back
If you have questions about Michele Savarese, Creativeone Securities, LLC, Kestra Advisory Services, LLC, Presidential Brokerage, Inc. or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.