Former Royal Alliance broker Gary Basralian Arrested for Allegedly Stealing More than $2 million from Clients
Former Royal Alliance Associates investment broker, Gary Basralian, was arrested on May 23, 2018 for allegedly stealing more than $2.1 million from two clients to pay for personal expenses. The charges against him include one count of investment adviser fraud and two counts of wire fraud.
Before being barred by FINRA in March 2018, Gary Basralian worked as an investment adviser and broker-dealer with Royal Alliance Associates. In 2017, he was the subject of a customer complaint alleging fraud and misappropriation of customer assets. Basralian resigned from the firm during the firm's investigation.
The charges against Basralian could mean a long time behind bars if he's convicted. For example, each count of wire fraud has a maximum penalty of 20 years and fine of $250,000 while the count of investment adviser fraud carries a maximum of five years in prison and a $10,000 fine.
Did You Lose Money While Investing with Gary Basralian?
If you or someone you know lost money while working with Basralian, Meyer Wilson would like to hear about it. Give our office a call at (888) 390-6491 and talk to one of our experienced investment fraud attorneys to find out if you can recoup some or all of your losses.