Michael Giokas of Williamsville, New York Barred from Securities Industry by FINRA
Have you lost money with financial advisor Michael Giokas of Williamsville, New York? We are continuing our investigation into allegations regarding Michael Giokas, who was arrested on October 11, 2017. Recently, Giokas was barred from the securities industry by FINRA (the Financial Industry Regulatory Authority) after he failed to respond to an investigation. FINRA was investigating Giokas regarding allegations that he was charged with fraud.
According to InsuranceNewsNet, Williams was arrested in October 2017 and charged with fraud, regarding allegations that he stole $200,000 from a customer. It was further alleged that the client gave Giokas $200,000 with the intent that it be invested, but that instead Giokas spent the money on personal expenses.
Michael Giokas was a financial advisor and registered representative of Fortune Financial Services from February 2013 to October 2017. He also worked with Comprehensive Asset Management and Servicing between 2002 and February 2013. He at a branch office in Williamsville, New York. Giokas’s BrokerCheck report discloses that he was previously the subject of four customer disputes and was also previously terminated by FSC Securities in 1991.
Brokerage firms like Fortune Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our firm currently represents an investor who lost money with Giokas. The customer alleges that Giokas engaged in high-risk trading in his variable annuities with Nationwide.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado, the Seattle area, Chicago, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in New York in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Fortune Financial Services.
Click to view: Giokas, Michael FINRA AWC
Click to view: Giokas, Michael BrokerCheck 10.12.17 (1)
If you lost money with Michael Giokas or Fortune Financial Services, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.