Financial Advisor Michael Giokas Charged with $200K Fraud
The White Law Group is investigating potential claims involving Michael Giokas and Giokas Wealth Advisors.
According to reports, on Oct. 11 Michael Giokas, founder of Giokas Wealth Advisors was arrested on fraud charges.
Assistant U.S. Attorney Paul E. Bonanno alleges Giokas stole $200,000 from one of his clients, allegedly leading his client to believe the $200,000 would be placed in an investment that would yield an 8 to 9 percent return.
“In fact, the money was not placed in any investment and was instead spent by the defendant on personal expenses,” Bonanno told Judge Roemer.
According to various reports, Giokas who was released on bail, is denying the allegations.
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. He has 5 customer complaints on his Broker report. Allegations include Misrepresentation & Omissions; Breach of Fiduciary Duty; Violation of NASD rules; Negligence; Failure to Supervise, and Unsuitable Recommendations, among others.
Failure to Supervise
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
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.
Did you lose money investing with Michael Giokas and Giokas Wealth Advisors? If so, the attorneys at The White Law Group may be able to help you recover your losses through FINRA Arbitration. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.