AJ News

Gerard Hetman Abington Journal Reporter

For years, Margaret “Peg” Savo, 86, has been among the visible and active residents of the Abingtons. Along with her late husband Frank, Margaret has been a leading member of numerous community- minded activities and events, while also amassing a career of more than 40 years as a broker and realtor in the local real estate industry.

Now, facing advanced age and declining health, the Newton Township woman describes herself as “heartbroken” after taking legal action against her only child.

In a lawsuit filed in Lackawanna County Court, Savo is suing her son, Frank J. Savo of Springville, Susquehanna County, for alleged fraudulent misrepresentation. The lawsuit claims that Frank J. Savo took control of her bank account by allegedly misrepresenting to her that it would have no affect on her ability to withdraw money from the account, as well as taking sole ownership of five properties previously owned jointly by Margaret and her husband.

Also named in the suit is Dushore-based attorney Kenneth R. Levitsky, as well as accountant Howard M. Pachter of Scranton. All three parties are charged with both civil conspiracy and breach of fiduciary duty. Levitzky and Pachter are both charged with professional negligence. Frank J. Savo is charged with one count of undue influence, and both he and Levitzky are charged with fraudulent misrepresentation.

According to court documents, Margaret Savo alleges that her son misled her into signing over complete ownership and control of her financial and property assets valued at $1,500,000 to him during the summer and fall of 2007. This includes five properties in the Clarks Summit area, as well as a Morgan Stanley money market account holding in excess of $500,000. The documents claim that Margaret Savo was driven to the law offices of Levitzky in Dushore by her son, where she was presented with a deed to her properties that would give both her and her son joint ownership of all of her properties. She then signed the paperwork, gifting all of the properties to her son for $1 in the process.

Margaret Savo claims to have only discovered this in August 2008, when she received a property tax bill, which listed the property in only her son’s name. Upon a subsequent examination of her finances by her longtime accountant, Margaret Savo also said that learned that she was responsible for a gift tax in the amount of $206,601 for gifting the properties to her son.

Regarding why she agreed to transfer control of the assets, Margaret Savo said her poor health led her to trust her son with making the decision to place his name as co-owner on both the properties and the bank account. She said she believed it would better protect the assets. She also said she did not understand that her signature would give her son complete control over the assets in question.

“I’ve suffered from cardiac arrest. I’ve had a broken hip…my health is not good,” said Margaret Savo in a September 18 interview.

Frank J. Savo respectfully declined to comment on the case at this time, referring all inquiries to his attorney, Daniel J. Penetar of Scranton. Both Levitsky and Pachter failed to respond to several phone calls and messages left in regard to this story.