On April 16, 2018, U.S. Attorney’s Office for the Western District of New York announced that Michael Giokas pled guilty to federal wire fraud charges that he defrauded numerous clients. He now awaits sentencing and faces up to 20 years in prison.
The Buffalo News reported that Gioakas admitted he used a fake company called Trinity Council LLC to defraud clients out of $1.4 million.
According to US Attorneys, Giokas persuaded his clients to invest in Trinity Council by claiming that it was a fund invested in private corporations, it was guaranteed to earn annual interest between eight and nine percent, and it guaranteed the investment principal.
The US Attorneys said Trinity Council was merely a shell company solely controlled by Giokas that did not engage in any investment or business activities.
Michael Giokas was a financial advisor and the president of Giokas Wealth Advisors. From February 2013 through October 2017, he was also registered with Fortune Financial Services, Inc.
Marquardt Law Office LLC previously reported that, on March 23, 2018, the Financial Industry Regulatory Authority, Inc. (FINRA) barred Giokas from associating with brokerages registered with FINRA.
Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence. Contact the firm for a free case evaluation and to discuss recovery options if you have suffered losses caused by your broker’s or brokerage firm’s misconduct.