n September 6, 2019, GARY JOHN BASRALIAN (GARY BASRALIAN) (CRD#: 14385), a 72 year-old, former investment advisor and broker with Royal Alliance Associates of Maplewood, New Jersey, was sentenced to 70 months in prison. He will also serve three years of supervised release after serving his prison sentence.
According to NBC New York, GARY BASRALIAN pleaded guilty in August of 2018 to wire fraud and investment advisor fraud. It was alleged he stole at least $2 million from his clients over a 10 year period and used his clients’ money for his own personal expenses. Basralian allegedly used the money for such things as payments on credit cards and payments on a BMW, when he told his clients he would invest their money into securities and other investments. GARY BASRALIAN defrauded his clients and misappropriated their funds, according to the federal prosecutors.
According to FINRA’s BrokerCheck, in April of 2019, FINRA barred GARY BASRALIAN from acting as a broker or otherwise associating with a broker-dealer firm. Basralian has 9 Disclosures on his CRD report, 4 are “Customer Disputes,” with allegations of, among other things, fraud, misappropriated funds, negligent supervision, violations of the racketeer influenced and corrupt organizations act, common law fraud, breach of contract, conversion, unsuitability and breach of fiduciary duty.
GARY BASRALIAN had been in the securities industry for 43 years, and was listed with 7 firms, the most recent is listed below:
11/19/1989 – 12/20/2017 ROYAL ALLIANCE ASSOCIATES, INC – MAPLEWOOD, NJ
If you were a client of GARY BASRALIAN formerly with ROYAL ALLIANCE ASSOCIATES, INC of MAPLEWOOD, NJ and became a victim of his fraudulent activity, contact an experienced securities lawyer at Soreide Law Group at no cost to you, regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA. We operate on a contingency fee basis—no fee to you if no recovery.