Finra bars former Fortune Financial rep over document denial
Fired over a fraud charge, Michael Giokas refused request for information.
The Financial Industry Regulatory Authority has barred former Fortune Financial broker Michael Giokas for failure to provide information in connection with his October 2017 arrest on fraud charges.
Shortly before his arrest, Mr. Giokas resigned from Fortune Financial.
Mr. Giokas, of Williamsville, N.Y., was charged with stealing $200,000 from one of his clients and spending the money on personal expenses, according to a story in the Buffalo News. The client claims to have been led to believe that the $200,000 would be placed in an investment that would yield an 8 to 9% return, the story reported.
Mr. Giokas began his securities career in 1986 at Cigna Securities. After leaving Cigna in 1987, he was associated with five other firms through 2013, when he affiliated with Fortune Financial.
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