The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Michael Giokas. According to his publicly available FINRA BrokerCheck report, Michael Giokas has been the subject of multiple customer complaints.

Michael Giokas was a New York-based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His registrations

  • Cigna Securities (1986-1987)
  • FSC Securities Corporation (1987-1991)
  • Guardian Investor Services (1991-1992)
  • Linsco/Private Ledger Corp. (1992-1999)
  • Securities Service Network (1999-2001)
  • Comprehensive Asset Management and Servicing (2002-2013)
  • Fortune Financial Services (2013-2017)

The Allegations

  • In April 2000, a customer alleged that Michael Giokas failed to disclose surrender charges. This case was settled for $14,122 in damages.
  • In January 2001, a customer alleged that Michael Giokas made unsuitable recommendations involving 1035 exchanges of variable annuities and the purchase of B-share mutual funds. This case was settled for $21,236 in damages.
  • In November 2017, a customer alleged that Michael Giokas made material misrepresentations and omissions, breached his fiduciary duty, violated NASD rules, and handled their account negligently. This case is currently pending. The customer is seeking $332,826 in damages.
  • In October 2017, Michael Giokas was criminally charged with fraud which in turn led to him being barred by FINRA from acting as a securities broker in any fashion.
  • In November 2018, another customer alleged that Michael Giokas recommended unsuitable investments, engaged in common law fraud, breached contract, and breached his fiduciary duty. This case was settled for $22,000 in damages.
  • Also in November 2018, yet another customer alleged that Michael Giokas recommended unsuitable investments, engaged in common law fraud, breached contract, and breached his fiduciary duty. This case was settled for $100,000 in damages.
  • In December 2018, a customer alleged that Michael Giokas breached his fiduciary duty, handled their account negligently, breached contract, and violated securities laws and FINRA rules. This case is currently pending. The customer is seeking $230,000 in damages.
  • In January 2019, a customer alleged that Michael Giokas breached his fiduciary duty, violated FINRA rules, and breached contract. This case is currently pending. The customer is seeking $500,000 in damages.

What Does This Mean?

The only way the relationship between brokers and investors can exist is through mutual trust. Investors would not be able to leave their money with a separate party if they could not trust that it was going to be taken care of. The reason that this trust exists is because investors know that brokers are bound by their fiduciary duty to always act in their customers’ best financial interests. Less than scrupulous or incompetent securities brokers who breach this fiduciary duty work toward the erosion of that trust, which in turn works toward a possible downfall of the broker/investor relationship.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Michael Giokas, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.