Michael Giokas-Former Fortune Financial Services-Broker-Pleads Guilty to Fraud-Williamsville, NY

Michael Giokas-Former Fortune Financial Services-Broker-Pleads Guilty to Fraud-Williamsville, NY 150 150 Rex Securities Law

September 2019- Williamsville, NY

According to publicly available records  Michael Giokas (CRD# 1398674) ,  a  former stockbroker who was last  employed by Fortune Financial Services, Inc.,  disclose  2 prior regulatory events, a felony fraud criminal charge , 3 pending and 7 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.  

According to a Department of Justice news release, in April 2018 Michael Giokas, 58, of Clarence, NY, pleaded guilty to wire fraud for defrauding numerous clients of hundreds of thousands of dollars. He faces up to 20 years in prison on the charges.

According to the release, between 5/2017-10/2017, he persuaded clients to withdraw money from their  accounts at Nationwide Mutual and invest in a company called Trinity Council, with a promise to earn 8-9% annually. Trinity Council was a shell company with no real business, set up to accomplish the fraud.

Settlements totaling several hundred thousands have been paid out to customers already. Pending customer claims exceed $1 million.

Giokas was employed with Fortune Financial Services, Inc. from 2/2013 until 10/2017.    Prior to that he was employed by Comprehensive Asset Management and Servicing, Inc., from March 2002 until February 2013.    Giokas discloses  business affiliations with Giokas Wealth Advisors and Giokas Financial Services in Williamsville, NY.

If you have losses in an account handled by Michael Giokas, contact us for a no charge consultation to learn how you may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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Rex Securities Law

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