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Newton Twp. woman claims son, lawyer bilked her out of more than $2 million
Published: September 24, 2009
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share thisA Newton Twp. woman is suing her son and her attorney for allegedly bilking her out of more than $2 million and sticking her with a gift tax of more than $200,000.
The lawsuit, filed by 85-year-old Margaret Savo, accuses attorney Kenneth R. Levitzky of professional negligence and her son Frank Savo of Springville of undue influence, among other claims. The suit also names Scranton accountant Howard Pachter.
Two years ago, Margaret Savo's son allegedly asked her to add his name on her Morgan Stanley money market account, which held about $600,000.
After the paperwork was completed, she could no longer withdraw money from the account without her son's signature, according to Margaret Savo's attorney, Ernest Preate Jr.
The lawsuit also claims she was tricked into giving Frank Savo four properties in the Abingtons, including her home on Airport Drive. All together, the properties had a value of $1.5 million, the lawsuit said.
Margaret Savo's son took her to Levitzky's office and had her sign documents. She alleges neither man explained what exactly she was signing, Preate said. She discovered that she had transferred the properties to Frank Savo when she received a property tax bill addressed solely to her son.
The lawsuit further claims that Frank Savo hired Pachter to do his mother's taxes so Frank Savo could hide the fact that Margaret Savo unknowingly transferred her bank account and the properties to him, Preate said.
An accountant hired to review Margaret Savo's tax records discovered she owed about $206,000 in gift taxes for transferring the money and property to her son.
Frank Savo could not be reached Monday for comment. Levitzky, who is the lawyer for the Bradford/Sullivan/Susquehanna/Tioga Area Agency on Aging, had no comment on the case.
The lawsuit is seeking an undisclosed amount of damages, plus an order from a judge barring Frank Savo from transferring any of the property or funds. Margaret Savo also is seeking an order restoring ownership of the four properties to her.
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