On March 23, 2018, FINRA announced it barred securities broker Michael Giokas from associating with firms registered with FINRA. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms.
In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Michael Giokas for failing to respond to FINRA’s requests for documents in its investigation of Giokas. FINRA’s investigation was in connection with federal criminal fraud charges filed against Giokas in October 2017. Giokas was arrested on October 11, 2007 and charged with one count of felony fraud for allegedly stealing $200,000 from one of his investment customers.
Michael Giokas entered the securities industry as a registered representative in 1985, with CRD# 1398674. From February 2013 through October 2017, he was a registered representative with Fortune Financial Services, Inc. While at Fortune Financial, he worked in Clarence, New York and New Brighton, Pennsylvania. Additionally, Giokas was involved with his company Giokas Wealth Advisors that he founded in Buffalo, New York March in 1992, which has an office in Williamsville, New York.
According to FINRA records, six customers have previously filed complaints against Giokas, alleging misconduct that includes misrepresentations and unsuitable investment recommendations. The latest two complaints were filed against both Giokas and Fortune Financial in November 2017 and February 2018. They allege Giokas caused investors losses by recommending an unsuitable universal life insurance policy and variable annuity.
Recovery Options for Losses Due to Michael Giokas
Brokerage firms, like Fortune Financial Services, Inc., have a duty to monitor and supervise their brokers to ensure they do not violate security rules. Investors have the right to pursue claims to recover their losses caused by firms inadequately supervising their brokers. Additionally, firms may be held jointly responsible for their brokers’ misconduct under theories of agency law.
If you experienced losses while investing with Michael Giokas, contact Marquardt Law Office LLC to speak with a securities attorney and receive a free evaluation.
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.