Gary Basralian, formerly with Royal Alliance Associates, Arrested and Charged with Fraud
Have you lost money with financial advisor Gary Basralian of Maplewood, New Jersey? We are investigating allegations made by the U.S. Attorney for the District of New Jersey against Gary J. Basralian. According to Advisor News, Basralian was charged with running a $2.1 million fraudulent scheme. Basralian had victims write checks out to “Masters Financial”, with the representation that Basralian would invest the money on their behalf. However, Basralian often used the money to pay personal expenses, including the use of a BMW and to pay off credit cards.
Basralian was previously the subject of an investigation by FINRA, the Financial Industry Regulatory Authority. FINRA barred Basralian from the securities industry after he failed to respond to a FINRA investigation. FINRA was investigating Basralian regarding allegations that he engaged in “fraud and breach of contract related to investments away from the firm [Royal Alliance Associates]”. It was alleged that Basralian may have misappropriated customer funds too.
Gary Basralian was a financial advisor and registered representative of Royal Alliance Associates from 1989 to December 2017. He worked at a branch office in Maplewood, New Jersey. Basralian resigned from Royal Alliance Associates amidst its investigation.
Brokerage firms like Royal Alliance Associates have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout New Jersey. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Basralian, Gary FINRA AWC
Click to view: Basralian, Gary BrokerCheck
If you lost money with Gary Basralian or Royal Alliance Associates, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.