Update on Michel Giokas – Securities Fraud Investigation
Have you suffered losses investing with financial advisor Michael Giokas and Giokas Wealth Advisors? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA Arbitration.
According to the Financial Industry Regulatory Authority (FINRA) today, the regulator has barred Michael Giokas from the securities industry for failure to respond to FINRA’s request for information in regards to Giokas’ recent criminal charges.
As we told you in January, former financial advisor Michael Giokas was arrested in October for allegedly stealing $200,000 from one of his clients. According to the state’s attorney, Giokas allegedly told his client the $200,000 would be placed in an investment that would yield an 8 to 9 percent return, but instead the money was allegedly used for Giokas’ personal expenses.
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.
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.
Failure to Supervise
The White Law Group continues to investigate potential claims involving Michael Giokas and Giokas Wealth Advisors.
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.
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 through FINRA Arbitration. For a free consultation with a securities attorney, please call (888) 637-5510.
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.