Investment adviser Michael Giokas admits $1.4 million fraud from clients
Michael Giokas’ three decades as a trusted investment adviser ended Monday with an admission that he cheated clients out of $1.4 million.
It was money, prosectors said, that he used to pay for personal expenses.
The former owner of Giokas Wealth Advisors in Williamsville also admitted using a fake company, Trinity Council LLC, as part of a scheme to solicit investments he knew were fraudulent.
“Trinity Council was a shell company that engaged in no investments or business activity,” Assistant U.S. Attorney Paul E. Bonanno said Monday. Read More