Oct. 11--A Williamsville financial adviser is facing charges that he stole $200,000 from one of his clients.
Michael Giokas, founder of Giokas Wealth Advisors, was arrested on fraud charges Wednesday and later released on bail by U.S. Magistrate Judge Michael J. Roemer.
Assistant U.S. Attorney Paul E. Bonanno said Giokas led his client to believe the $200,00o would be placed in an investment that would yield an 8 to 9 percent return.
"In fact, the money was not placed in any investment and was instead spent by the defendant on personal expenses," Bonanno told Roemer.
Defense lawyers Sunil Bakshi and John E. Rogowski said their client will challenge the allegations.
"Frankly, he's sad and ashamed of the charges and vehemently denies them," Bakshi said.
___
(c)2017 The Buffalo News (Buffalo, N.Y.)
Visit The Buffalo News (Buffalo, N.Y.) at www.buffalonews.com
Women’s March organizers plan another Chicago rally for 2018
Kids’ health insurance impasse has doctors, officials watching anxiously
Advisor News
- What advisors need to know about the life settlement boom
- Report: Many Americans paying up to 45% of annual income on auto loans
- Latest state budget raises taxes on Californians, ignores voter priorities
- What advisors and clients must know about Roth conversions
- Worker retirement confidence dips to lowest level in a decade
More Advisor NewsAnnuity News
- Globe Life Inc. (NYSE: GL) Making Surprising Moves in Tuesday Session
- Why annuities are gaining traction with younger investors
- Best’s Special Report: U.S. Life/Annuity Industry Sees Bottom-Line Growth Despite 18% Decline in Total Income in First-Quarter 2026
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- Fortitude Re Completes $500 Million FABN Issuance
More Annuity NewsHealth/Employee Benefits News
- Largest Medicaid pediatric provider sues DeSantis administration over pay rates
- Research Conducted at University Medical Center Munster Has Updated Our Knowledge about Transgender Health (Longitudinal Trends of Health Service Utilization for Gender Dysphoria In Germany Between 2010 and 2021 Based On Health Insurance Data): Health and Medicine – Transgender Health
- Karnes County renews employee health insurance benefits
- Fresno’s Community Health System and Blue Shield end stalemate, reach new agreement
- Goliad council delays engineering decisions, approves employee health plan renewal
More Health/Employee Benefits NewsLife Insurance News
- Roberts Disability Law Sues Unum Life Insurance Company of America on Behalf of Disabled Valero Refinery Operator for Allegedly Underpaying Long-Term Disability Benefits
- Avoid the ‘summertime slump:’ Strategies to remain productive
- Globe Life Inc. (NYSE: GL) Making Surprising Moves in Tuesday Session
- Symetra Partners with PlanSource to Streamline Workforce Benefits Administration
- Royal Neighbors of America achieves record growth
More Life Insurance News