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Investment Loss Options for Clients of Former Forta Financial Broker Michele Savarese

Posted on Wednesday, December 22nd, 2021 at 12:33 am    

Presidential Brokerage

Were you the victim of former Presidential Brokerage, Inc. (n/k/a Forta Financial) broker Michele Savarese (CRD# 1241811)? Michele Savarese has been registered with Client One Securities LLC in San Diego, California, and Palm Harbor, Florida since 2018. Previously, Michele Savarese was registered with Kestra Advisory Services, LLC in San Diego, California from 2016 to 2018 and with Presidential Brokerage, Inc. (n/k/a Forta Financial) in San Diego, California from 1999 to 2016.

Michele Savarese Faces Customer Complaint for REIT and BDC Losses

Michele Savarese has been the subject of 13 customer complaints between 1988 and 2021, three of which were denied, according to Michele Savarese’s CRD report. The most recent complaints were regarding: 

July 2021. “Boilerplate allegations include unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty and negligence between August 2014 and June 2021.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint was regarding non-traded real estate investment trusts (REITs) and business development companies (BDCs). The complaint took place while Michele Savarese was registered with Forta Financial.

September 2020. “Boilerplate allegations include negligence, negligent supervision, unsuitability and breach of contract between September 2015 and June 2021.” The customer is seeking $95,000 in damages and the case is currently pending. The complaint was regarding non-traded real estate investment trusts (REITs) and business development companies (BDCs). The complaint took place while Michele Savarese was registered with Forta Financial.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Presidential Brokerage, Inc. (n/k/a Forta Financial) may be liable for investment or other losses suffered by Michele Savarese’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.