Former Royal Alliance Broker Gary Basralian Admits to Stealing Millions from Clients
Former Royal Alliance broker and investment adviser Gary Basralian recently admitted to stealing millions from clients. He reportedly used at least $2 million of his clients' money to pay for his own personal expenses.
Basralian was registered as a broker from 1989 to December 2017. His BrokerCheck report reveals multiple customer disputes and regulatory actions related to fraud, breach of contract, failure to disclose, and misappropriation of client funds.
From July 2007 to November 2017, Basralian admittedly defrauded his clients by claiming he was investing their money in securities and other investments, when he actually spent thousands of dollars on payments for his BMW automobile, tens of thousands of dollars on personal credit card payments, and used the remaining funds for other various personal expenditures.
Basralian was barred by FINRA in March 2018. In May of that year, the New Jersey Bureau of Securities in the Office of the NJ Attorney General revoked his agent and investment adviser representative registrations.
On August 29, Basralian pled guilty to one count of wire fraud and one count of investment adviser fraud. Basralian is facing a maximum of 20 years in prison and up to a $250,000 fine for the wire fraud count and a maximum of five years in prison and up to a $10,000 fine for the investment adviser fraud count. His sentencing date is Dec. 3, 2018.
Did You Lose Money While Investing with Gary Basralian?
Our investment fraud attorneys at Meyer Wilson may be able to help you if you suffered financial losses while working with Gary Basralian. Call our office at (888) 390-6491 today to schedule a consultation with one of our experienced investment fraud attorneys. We may be able to recoup your losses.
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