Joseph A. Savino Jr. and the Shooting of Wendy Savino: A Lousy Businessman or Scapegoat?
Joseph A. Savino Jr., a Republican councilman from the Bronx, NY, whose wife Wendy Savino was shot on 9-April-1976 at Nina’s in the Bronx, was reported to have incessantly faced public scrutiny over his dubious business dealings and financial mismanagement.
Savino, known for his role as a Bronx councilman with an office on Gun Hill Road, had business interests that spanned from the Bahamas to California, raised to insurance investigators, including the potential for offshoring. These investments were far, wide, and highly questionable. According to the , Savino appeared to have very little understanding of his own business ventures conducted under his own name.
Savino’s financial woes came under closer inspection when investigators from the New York State Insurance Department sought answers regarding $1.1 million in insurance premiums that Savino had handled. The investigation revealed serious irregularities in his dealings. Savino was accused of monetary mishandling, monetary funds held in trusts and in violation of New York law, and also using proceeds to invest in high-risk, speculative stocks. These stocks ultimately cost Savino $400,000 in losses, which he later claimed to have repaid, though he refused to clarify how he came up with the money.
Blocked Investigation and Subpoenaed Records
Just as the insurance investigators were closing in on him, Savino took a dramatic step: he surrendered his broker’s license. This move came at a time when investigators were expecting to uncover theft and fraud. While Savino’s decision to give up his license may have halted the probe for a while, it didn’t stop the authorities from continuing their investigation and it certainly won’t stop the author of this blog. An FOIA has been placed on Savino to obtain records of their investigation.
The State Insurance Department issued subpoenas for Savino’s business records, with the possibility of escalating the matter to the district attorney’s office. At the heart of the investigation was Savino’s handling of premiums from , a company that insured taxis in New York State, a company that has for decades.
Mismanagement of Premiums and Shifting Accounts
Between 1976 and 1977, sent Savino four checks totaling around $189,000 as part of a reinsurance agreement with Roger Williams Insurance Company. However, when questioned about what happened to the money, Savino’s answers were inconsistent. He initially claimed that he had repaid all of it but later backtracked; he then stated that the $128,000 was commissions which was lawfully divided among companies he owned. This claim was met with skepticism from Superintendent Albert Lewis of the Insurance Department, who noted that there was no paper trail to corroborate Savino’s story.
Savino’s explanations continued to shift over time, and his testimonies under oath raised more questions than answers. At one point, he fluctuated on how much money he had lost, going from $400,000 to $300,000 and even $200,000. His story seemed to change with each new inquiry, further eroding his credibility.
The Scapegoat Defense
Despite the mounting evidence, Savino and his lawyer, Donald Shaw, pushed the narrative that he was being scapegoated for his financial incompetence. Shaw argued that Savino was simply a poor businessman, not a criminal. However, this defense did little to calm the suspicions of the investigators, who remained concerned about the missing premiums and the unclear nature of Savino’s financial dealings.
Savino’s Personal Life: A Possible Motive for His Financial Troubles?
Months before Savino faced financial ruin, his personal life was in turmoil. On 9-April-1976, his wife, Wendy Savino, was shot in the parking lot of Nina’s Restaurant, a well-known restaurant in the Bronx, According to and sources, Nina’s was a well-known hang out for the five families, the five boroughs district attorneys, politicians, and businessmen, Did Savino’s business dealings trigger this tragic event, his wife being shot for poorly managing his businesses?
The author of this blog wonders if Savino’s financial struggles could have provided a motive for his wife’s shooting and if the NYPD ever considered this angle during their investigation due to one call he placed at Nina’s prior to leaving the restaurant: Richard Naclerio. There is nothing in the Wendy Savino FOIA release that documents the NYPD interviewed Naclerio following Wendy Savino’s shooting which rouses suspicion, especially because Joseph A. Savino Jr. was a prior NYPD employee who had prior charges for stolen property and first degree perjury charges in the late 60s according to Judge Book, . It remains unclear whether the NYPD questioned his financial difficulties and considered if they were connected to the shooting, but it’s certainly a striking coincidence that these events unfolded in the same year.
Ties to E.F. Hutton Lawsuit
Adding another layer to this saga, court documents revealed that Savino had filed a , a prominent brokerage firm, accusing them of misleading him about the safety of the investment options he had pursued. This lawsuit aligned with Savino’s narrative of being an unfortunate victim of poor financial advice rather than an intentional perpetrator of fraud. But with his track record of contradictory statements and the questionable handling of other people’s money, it’s hard to dismiss the possibility that Savino’s actions were more than just a series of poor business decisions.
Conclusion: A Tragic Combination of Poor Judgment and Poor Luck?
Joseph Savino’s case presents a complex blend of financial mismanagement, legal challenges, and personal turmoil. Whether he was a victim of poor financial advice, a bad businessman, or something more deliberate, it’s clear that his poor life choices left a lasting impact on everyone who surrounded him, including his wife Wendy Savino. The fact that he turned in his broker’s license just as the investigation was ramping up casts a shadow of doubt on his motivations.
What remains clear is that Savino’s time in both politics and business has left a complicated legacy, one that continues to raise eyebrows to this day.
