Michael Giokas of Clarence New York is a stockbroker formerly registered with Fortune Financial Services, Inc. who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his fraudulent conduct. Letter of Acceptance Waiver and Consent No. 2017056082101 (Mar. 23, 2018).
According to the AWC, on November 6, 2017, Giokas was sent a request from FINRA personnel which called upon him to provide documentation and information in reference to Giokas’ October 27, 2017 criminal fraud charges that FINRA learned about through Fortune Financial Services, Inc. Apparently, Giokas neglected to respond to FINRA personnel, prompting FINRA to send another request to Giokas for the documentation and information relating to Giokas’ fraud charges to be furnished to FINRA personnel.
The AWC stated that a response was eventually provided to FINRA by Giokas on December 5, 2017; however, Giokas did not provide FINRA personnel with the requested documentation and information. Evidently, on January 26, 2018, FINRA requested a final time to obtain the documentation and information from Giokas. Giokas’ counsel reportedly contacted FINRA personnel on March 7, 2018, in which FINRA was informed that Giokas understood what FINRA asked of him but would not be providing any documentation and information in furtherance of the investigation into his alleged fraudulent conduct. FINRA found that Giokas’ refusal to cooperate was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Giokas has been identified in six customer initiated investment related disputes which pertain to accusations of his misconduct while he was associated with Securities Service Network, Inc., Linsco Private Ledger, APW Capital, Inc., and Fortune Financial Services. Specifically, on August 2, 2000, a customer initiated investment related written complaint involving Giokas’ conduct was settled for $14,122.62 in damages founded on accusations that the customer was not made aware of surrender penalties that would be assessed to the customer by liquidating a variable annuity.
Thereafter, on January 30, 2001, a customer filed an investment related written complaint regarding Giokas’ activities, where the customer requested $5,000.00 in damages based upon accusations that inappropriate recommendations were made by Giokas concerning the use of the customer’s tax-qualified retirement account funds to purchase variable annuity products. On April 18, 2001, another customer initiated investment related written complaint regarding Giokas’ activities was resolved for $21,236.34 in damages supported by allegations that Giokas made unsuitable investment recommendations to the customer concerning the exchange of variable annuity products with class B mutual fund shares.
Subsequently, a customer filed an investment related arbitration claim regarding Giokas’ activities in which the customer sought $332,826.00 in damages founded on allegations including negligence, violation of National Association of Securities Dealers (NASD) rules, breach of fiduciary duty, as well as misrepresentations and omissions concerning the customer’s variable annuity purchases. FINRA Arbitration No. 17-03081 (Dec. 7, 2017). Thereafter, a customer filed an investment related arbitration claim involving Giokas’ conduct alleging that an unsuitable universal life insurance policy was sold to the customer. FINRA Arbitration No. 18-000638 (Feb. 22, 2018).
Giokas’ registration with Fortune Financial Services, Inc. was terminated on October 2, 2017.
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