ICHAEL GIOKAS Barred By FINRA
Did you invest with Fortune Financial Services securities broker Michael Giokas (CRD#: 1398674, Clarence, New York)? The securities broker, who FINRA barred in March 2018 for refusing to cooperate in a regulatory investigation, reports more than six client disputes since November 2017. Notably, clients suggest in those disputes that Giokas engaged in sales practice violations including breaching his fiduciary responsibility to clients and making negligent trades. Here’s more on the troubling allegations against the broker:
Securities Service Network Client Files January 2019 Arbitration Alleging Breach Of Contract
Prior to working at Fortune Financial Services, Giokas worked for Securities Service Network. A client of that brokerage firm brought FINRA Arbitration #: 19-00139 on January 9, 2019 regarding bad insurance sales. Mainly, the client alleged that Giokas breached a fiduciary duty and a contractual relationship. In addition, the client stated that the sale of variable universal life policies violated FINRA and NASD rules. Supposedly, Giokas gave this client shoddy recommendations and did not confirm annual fees with the client before selling the policy. Supposedly, this client paid $500,000 in premiums into this policy which later lapsed. For this reason, the client demanded $500,000 in this pending matter.
Fortune Financial Services Client Files FINRA Arbitration Suggesting Michael Giokas Was Negligent
According to this FINRA Arbitration #: 18-04129 filed by a Fortune Financial Services and Comprehensive Asset Management and Services client in December of 2018, Giokas supposedly breached his fiduciary duty by making unreasonable recommendations about annuities. The client indicated that Giokas suggested several inappropriate annuities. Not only that, but the client stated that Giokas violated the terms of an investment agreement and broke securities laws. It appears that the client demanded $233,000 in compensation for alleged sales practices by Giokas. Currently, this client’s investment dispute is ongoing.
Client Of Fortune Financial Brings FINRA Arbitration Suggesting Giokas Sold Bad Annuities
A client of Fortune Financial Services Inc. brought FINRA Arbitration #: 18-03021 on November 28, 2018. Mainly, the client contended that Giokas sold an unreasonable variable annuity. Supposedly, Giokas failed to comply with his fiduciary responsibility to this client and carelessly invested the client’s funds. Plus, Fortune Financial Services allegedly breached a contract and improperly supervised the accounts subject of Giokas’ problematic activities. Because of Fortune Financial Services and Giokas’ actions, the client alleged $200,000 in damages in this pending matter.
FINRA Sanctions Michael Giokas Twice For Non-Cooperation
Evidently, in 2018 alone, FINRA sanctioned Giokas two times for failing to comply with FINRA requests. Notably, FINRA barred Giokas March 23, 2018 because he violated FINRA Rules 8210 and 2010 by not giving FINRA documents and information about possible criminal acts. Apparently, FINRA requested Giokas provide documents an information as part of an investigation into felony charges brought against him. It appears Giokas stalled numerous times in responding to FINRA about those criminal charges. Eventually, Giokas shut down and refused to respond further to FINRA. For this reason, FINRA expelled Giokas from the securities industry.
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