Michael Giokas of Clarence, New York, a stockbroker registered with Fortune Financial Services Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $15,000.00 in damages based upon allegations that Giokas breached his fiduciary duties, was negligent, breached a contract, violated state securities laws, and violated FINRA rules in connection with the recommendation and sale of variable annuities when Giokas was associated with Fortune Financial Services Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04129 (October 28, 2020).
FINRA Public Disclosure shows that Giokas is referenced in nine other customer initiated investment related disputes concerning Giokas’ conduct while associated with securities broker dealers, including Comprehensive Asset Management Servicing Inc., Fortune Financial Services Inc., and Securities Service Network LLC. On November 14, 2018, a FINRA securities arbitration claim involving Giokas’ conduct was settled for $30,000.00 in damages based upon allegations that Giokas made unsuitable recommendations of insurance products when Giokas was associated with Comprehensive Asset Management Servicing Inc. FINRA Arbitration No. 18-00638.
Giokas was also referenced in a FINRA securities arbitration claim that was settled for $100,000.00 in damages based upon allegations that Giokas committed fraud, breached a contract, and failed to supervise certain registered representatives’ recommendations of variable annuities during the time that Giokas was associated with Fortune Financial Services Inc. FINRA Arbitration No. 18-03021 (July 9, 2019).
On August 7, 2019, another FINRA securities arbitration claim involving Giokas’ conduct was settled for $22,000.00 in damages based upon allegations that Giokas made unsuitable recommendations, committed fraud, breached a contract, failed to supervise certain registered representatives, and breached his fiduciary duties in connection with the sale of variable annuities when Giokas was associated with Fortune Financial Services Inc. FINRA Arbitration No. 18-03199.
Giokas was also referenced in a FINRA securities arbitration claim that was settled for $9,500.00 in damages based upon allegations that Giokas made unsuitable recommendations of insurance products when Giokas was associated with Securities Service Network LLC. FINRA Arbitration No. 19-00139 (December 27, 2019).
FINRA Public Disclosure shows that Giokas has been barred from associating with any FINRA member in any capacity because Giokas failed to provide information and documents to FINRA during the time that it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2017056082101 (March 23, 2018).
According to the AWC, on November 6, 2017, FINRA sent Giokas a request for the production of information and documents in connection with an investigation FINRA was conducting. The investigation concerned allegations that Giokas had committed fraud during the time that he was associated with Fortune Financial Services Inc. On March 7, 2018, through his counsel, Giokas indicated that he had received FINRA’s request for the production of information and documents, and he refused to cooperate with FINRA’s requests. Giokas violated FINRA Rules 2010 and 8210 as a result.
Giokas was also sanctioned by FINRA because Giokas failed to comply with an arbitration award or otherwise confirm compliance with the regulator. FINRA Arbitration No. 17-00672 (September 21, 2018). Giokas was ordered to pay $80,055.33 in compensatory damages to a customer because he was found liable for sales practice violations. The customer’s Statement of Claim alleged breach of contract, breach of fiduciary duty, negligence, and suitability.
Giokas was associated with Fortune Financial Services Inc. in Clarence, NY, as a stockbroker from February of 2013 to October of 2017.
