Michael Giokas Lawsuits | Brokerwatch | Peiffer Wolf Carr Kane & Conway

Who Is Michael Giokas? | Giokas Wealth Advisors

In October 2017, Michael Giokas, founder of Giokas Wealth Advisors in Williamsville, NY, was reportedly arrested on criminal fraud charges. His arrest was the result of an extensive investigation by the FBI’s Buffalo Office concerning allegations that Giokas misappropriated $200,000 from one of his clients.

At Giokas’ arraignment, Assistant U.S. Attorney Paul E. Bonanno told the court that the investigation suggests Giokas led his client to believe that $200,000 would be placed in an investment that would yield 8-9% interest. Instead, according to Attorney Bonanno, “… the money was not placed in any investment and was instead spent by the defendant on personal expenses.”

According to information disclosed by the Financial Industry Regulatory Authority (“FINRA”) and on FINRA’s BrokerCheck website, Michael Giokas has worked in the securities industry for more than 30 years. Since 1986, Giokas has been affiliated with the following firms:

Cigna Securities, Inc. (1986-1987)
FSC Securities Corporation (1987-1991)
Guardian Investor Services Corporation (1991-1992)
Linsco/Private Ledger Corp. (1992-1999)
Securities Service Network, Inc. (1999-2001)
Comprehensive Asset Management and Servicing, Inc. (2002-2013)
Fortune Financial Services, Inc. (2013-2017)

A disclaimer on Michael Giokas’ FINRA BrokerCheck profile indicates that “FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.” Additionally, it lists 9 separate disclosures. Some of the disclosures include:

1991: Employment Separation after Allegations

Allegation: Violation of firm policy regarding an insurance related bank account
Termination Type: Permitted to Resign

2000: Customer Dispute

Allegation: Failure to disclose surrender charges
Settlement Amount: $14,122.62

2001: Customer Dispute

Allegation: Client alleges the representative made unsuitable recommendations involving 1035 Exchanges of variable annuities and the purchase of B-share mutual funds.
Settlement Amount: $21,236.34

2017: Criminal

Allegation: Felony Fraud

2001: Customer Dispute

Allegation: Misrepresentation & Omissions; Breach of Fiduciary Duty; Violation of NASD rules; Negligence; Failure to Supervise. In 2015 [Redacted], a long time Giokas Wealth Advisors client, purchased a Variable Annuity from Giokas. Fortune Financial reviewed and approved the sale as suitable. The client engaged Giokas Wealth Advisors, an unaffiliated RIA, to manage the subaccount using an active management strategy. The client lost market value while at the same time paying management fees. The strategy and fees were disclosed in the RIA documentation. Fees were paid to Giokas Wealth Advisors.
Damage Amount Requested: $332,826.00

2018: Regulatory Action Initiated By FINRA

Allegations: Without admitting or denying the findings, Giokas consented to the sanction and to the entry of findings that he refused to provide certain 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.
Resolution: Acceptance, Waiver, and Consent
Sanctions: Bar
Registration Capacities Affected: All Capacities
Duration: Indefinite
Start Date: 3/23/2018

2018: Customer Dispute

Allegation: Unsuitability, Common Law Fraud, Breach of Contract, Negligent Supervision, and Breach of Fiduciary Duty
Damage Amount Requested: $319,939.00

Get a FREE case Evaluation.

"*" indicates required fields

Name*

First Last

Email*

Phone*

Amount Lost*

Name of Broker/Advisor*

Briefly describe your issue