Grimy Times Exposes Scam Artist Behind Bars
A notorious investment advisor from Clarence, New York, has been convicted of bilking numerous clients out of hundreds of thousands of dollars. Michael Giokas, 59, was sentenced to serve 52 months in prison by U.S. District Judge Richard J. Arcara.
Giokas was found guilty of wire fraud for defrauding clients of his investment advisory firm, Giokas Wealth Advisors, located in Clarence. The defendant was ordered to pay restitution totaling $916,396.
Assistant U.S. Attorney Paul E. Bonanno stated that Giokas convinced certain clients to withdraw money from their investment accounts at Nationwide Mutual Insurance Company and invest the money in a company called Trinity Council, LLC. However, Trinity Council was a shell company that engaged in no investment or business activity.
The schemes executed by Giokas resulted in him defrauding clients out of $1,473,396 between May 2017 and October 2017. The defendant was the sole member and owner of Trinity Council, and the only person with signature authority on its bank accounts.
The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Gary Loeffert.
Giokas’s actions have left dozens of clients without their life savings. The authorities have assured that justice has been served, and the public can rest easy knowing that the scam artist is behind bars.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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