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.
Giokas' arrest is the result of an investigation but the Buffalo office of the FBI.