April 17, 2018 Comments (0) Blog, Current Investigations, Securities Fraud

New York Advisor Michael Giokas Enters Guilty Plea

Michael Giokas
(Last Updated On: April 17, 2018)

Michael Giokas  – Giokas Wealth Advisors –  Securities Investigation Update

The White Law Group continues to investigate potential claims involving New York financial advisor Michael Giokas and Giokas Wealth Advisors.

According to the U.S. Attorney’s Office, Michael Giokas, 58, pleaded guilty to wire fraud on Monday and is reportedly facing a maximum penalty of 20 years in prison.

Giokas, president of Giokas Wealth Advisors, was arrested in October for allegedly stealing $200,000 from one of his clients.

In 2017, Giokas allegedly advised clients to invest in Trinity Council, which actually was a shell company that did no business, according to the US Attorney. It is alleged that the funds went directly to Giokas.

According to the US attorney, in a separate scheme, it is alleged that Giokas convinced Nationwide Insurance and Financial Services to transfer money from his clients’ Nationwide accounts to himself under the guise of “fee requests.”

In total, Giokas purportedly defrauded clients out of $1,473,396.

According to his FINRA BrokerCheck report, Giokas was registered with Fortune Financial Services in Clarence, NY from February 2013 until October 2017. Prior to that, he was registered with Comprehensive Asset Management and Servicing in Williamsville, NY from March 2002 until February 2013.

FINRA reportedly barred Michael Giokas from the securities industry last month for failure to respond to FINRA’s request for information in regards to Giokas’ recent criminal charges.

Giokas has 6 customer complaints listed on his Broker report. Allegations include Misrepresentation & Omissions; Breach of Fiduciary Duty; Negligence; Failure to Supervise, and Unsuitable Recommendations, among others.

Sentencing is scheduled for July 20.

Recover your Investment Losses

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

FINRA operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute.

If you suffered losses investing with Michael Giokas and Giokas Wealth Advisors, the attorneys at The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call our offices at (888) 637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For more information, please visit our website, www.whitesecuritieslaw.com.

 

 

 

 

 

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