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Michael Giokas Formerly With Fortune Financial Services Has 10 Customer Complaints For Alleged Broker Misconduct

Who is Michael Giokas formerly with Fortune Financial Services?

Michael Giokas (CRD #1398674) who was formerly registered with Fortune Financial Services and located in Clarence, New York is a subject of one of our many securities industry sales practice abuse investigations.

Michael Giokas has also had his problems with the regulators and Justice Department.  FINRA first suspended him for failing to pay an arbitration award and then permanently barred him from association with any member firm when he refused to provide information and documents requested by FINRA in connection with an investigation related to criminal charges of felony fraud brought against him by the Justice Department.

Michael Giokas Customer Complaints

Michael Giokas has been the subject of 10 customer complaints that we know about. Eight of Michael Giokas’ 10 customer complaints were settled in favor of investors.  Two of Michael Giokas’ customers’ complaints were denied and the customers did not take any further action.

Allegations Against Michael Giokas

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Client alleged Michael Giokas made unsuitable recommendation of variable universal life insurance policy and failed to disclose annual cost associated with maintaining the policy.
  • Client alleged Michael Giokas provided unsuitable recommendations involving the purchase of variable annuities in the client’s qualified accounts.
  • Client alleged that Michael Giokas’ recommendations to a variable annuity were not suitable and that the firm failed to disclose the surrender charges.
  • Client alleged Michael Giokas made unsuitable recommendations involving 1035 exchanges of variable annuities and the purchase of B-share mutual funds.
  • Michael Giokas’ alleged failure to disclose surrender charges.
  • Michael Giokas’ alleged Misrepresentation & Omissions; Breach of Fiduciary Duty; Violation of NASD rules; Negligence; Failure to Supervise.
  • Michael Giokas’ client alleged Unsuitability, Common Law Fraud, Breach of Contract, Negligent Supervision, Breach of Fiduciary Duty.
  • Claimant alleged and unsuitable sale of Universal Life Policy by Michael Giokas.
  • Michael Giokas’ alleged wrongful conduct, breach of fiduciary duty, negligence, breach of contract, violations of securities laws, FINRA Rules and Rules of Fair Practice.

Michael Giokas Red Flags & Your Rights as an Investor

Of course, Michael Giokas did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Michael Giokas at Fortune Financial Services on alert to review carefully the activity and performance of their accounts and question whether Michael Giokas has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Fortune Financial Services also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim to Recover Your Investment Losses At Fortune Financial Services Due To Michael Giokas

If you have questions about  Fortune Financial Services and/or Michael Giokas and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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