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Financial Advisor Charged In $200K Fraud

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 […]

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FINRA receives SEC approval to streamline proficiency exams

The U.S. Securities and Exchange Commission has approved a proposal from the Financial Industry Regulatory Authority (FINRA) to streamline the process for prospective broker-dealer reps to meet their proficiency requirements, FINRA announced Thursday. The proposal aims to reform the industry exam process, with an eye on expanding opportunities for brokers to enter, or return to, […]

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Morgan Stanley agrees to $13 million fine and restitution for supervisory lapses of UIT trading

FINRA ordered Morgan Stanley to pay $13 million in fines and restitution to clients for failing to properly supervise trades that increased charges and fees to customers of certain investment funds.  FINRA said that Morgan Stanley provided insufficient guidance to its staff on how to detect unsuitable short-term trades of unit investment trusts, or UITs. […]

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SEC Charges NY based investment adviser

he Securities and Exchange Commission today charged a Westchester, New York-based investment adviser with fraud stemming from lies to retail investors about the value of their investments in a Ponzi-like scheme. The SEC alleges that, starting in approximately 2010, Michael Scronic began to raise money from at least 42 friends and acquaintances, many of whom […]

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SEC investigates Woodbridge Group

Court Orders Woodbridge Group of Companies LLC to Produce Documents to SEC The Securities and Exchange Commission has obtained an order requiring the Woodbridge Group of Companies LLC, of Sherman Oaks, California, to produce the corporate documents of several company executives and employees, including Woodbridge’s President and CEO. According to the SEC’s application and supporting […]

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