MICHAEL GIOKAS (CRD#: 1398674), the former owner of Giokas Wealth Advisors in Williamsville, New York, admitted on April 16th, 2018, that he cheated his clients out of approximately $1.4 million. Giokas pleaded guilty to wire fraud and faces a sentence of up to five years in prison. He will be sentenced July 30, 2018. According to prosecutors, Michael Giokas used his clients’ money for his own personal expenses. Giokas was ordered to pay $916,000 in restitution to more than 20 of his victims.
MICHAEL GIOKAS worked in the securities industry for over thirty years. He admitted using a phony company, Trinity Council LLC, as part of his scheme to solicit fraudulent investments. The Assistant US Attorney stated that it was a shell company that engaged in no business activity or investments.
Not only did Giokas cheat his clients with false promises of guaranteed returns with no loss on their principal in the shell company, Trinity Council, but he demanded fees he did not earn from his clients. MICHAEL GIOKAS admitted stealing $1.4 million and the FBI was able to seize over $500,000 when he was arrested. Some of the money seized has been returned to his victims.
FINRA has barred MICHAEL GIOKAS from acting as a broker or otherwise associating with a broker-dealer firm on March 23rd, 2018, for refusing “to provide information and documents requested by FINRA in connection with an amended Form U5 filed by his member firm, which stated that he had been charged with one count of felony fraud.”
According to FINRA’s BrokerCheck, Giokas has 9 Disclosures on his report. He has been in the securities industry for 30 years and was listed with 7 firms, the two most current listed below:
02/21/2013 - 10/02/2017 FORTUNE FINANCIAL SERVICES INC - Clarence, NY
03/21/2002 - 02/21/2013 COMPREHENSIVE ASSET MANAGEMENT AND SERVICING INC - WILLIAMSVILLE, NY
If you were a victim of the fraud perpetrated by MICHAEL GIOKAS formerly of Fortune Financial Services of Clarence, NY, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis, no fee to you if no recovery.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.