A Clarence investment adviser will serve 52 months in prison for defrauding multiple clients out of hundreds of thousands of dollars.
Michael Giokas, 59, was convicted of wire fraud in federal court.
According to the assistant U.S. attorney handling the case, Giokas was president of Giokas Wealth Advisors in Clarence, and provided financial advisory services to over 40 clients.
Between May 2017 and Oct. 2017, Giokas persuaded some clients to withdraw money from their investment accounts with another institution and invest it into a company called Trinity Council LLC.
Trinity Council was actually a shell company which engaged in no investment or business activity, and Giokas was the sole member and only owner of the business.
In a separate scheme, Giokas prompted the same institution to transfer money from his clients’ accounts to Giokas under the guise of “fee requests”.
Between the two schemes, Giokas defrauded his clients out of $1.4 million.
Giokas was also to pay $916,396 in restitution.