Shepherd Smith Edwards and Kantas Investigates Ex-Royal Alliance Broker Gary Basralian

Ex-Royal Alliance Broker Stole Money From Older Women With Disabilities

如果您在与前皇家联盟同事经纪人Gary Basralian合作时遭受了损失，我们的经纪人欺诈律师在Shepherd Smith Edwards和Kantas（SSEK律师事务所）都想与您交谈。

Gary Basralian, whom the Financial Industry Regulatory Authority (FINRA) barred in 2018, is currently inprison for fraud, including bilking older women who suffered from disabilities. Recently, Royal Alliance, an Advisor Group firm, agreed to pay $250K to settle a related regulatory case brought by the New Jersey Bureau of Securities for not properly supervising Basralian.

Gary Basralian Pleaded Guilty To Investment Advisor Fraud

In the criminal case against Basralian, he was sentenced to 70 months in prison. Gary Basralian pleaded guilty to investment advisor fraud and wire fraud, including misappropriating investor money — at least $1.4M — most of which he used on his own expenses.

This included paying card bills, as well as making BMW and home mortgage payments. Basralian also is accused of making unauthorized wire transfers from customer accounts.

Widow Wins FINRA Case Against Basralian and Royal Alliance

One of his primary victims was a 54-year-old widow with a brain injury. A year ago, a FINRA arbitration panel ordered Basralian and Royal Alliance to pay her $2.1M plus $500K for legal fees for a collective total of $4.2M. Royal Alliance was accused by the arbitration panel of无法正确监督Basralian.

10 Senior Investor Women Defrauded

The ex-Royal Alliance broker allegedly promised his victims that he would invest their money through their brokerage accounts or in high-interest loans or real estate. According to prosecutors, the ex-Royal Alliance broker defrauded 10 women, all of them either widowed or single and who were in their seventies and eighties.

他的BrokerCheck record指出他在该行业工作了43年，其中有28年是皇家联盟经纪人。他的文件中有四个客户纠纷。

被指控监督不足的皇家联盟

In New Jersey’s case against Royal Alliance, the state securities regulator also blamed Royal Alliance’s negligent supervision of Basralian as part of what enabled him to spend years defrauding the firm’s customers.

Of the $250K payment that the broker-dealer will give the state, $190K is a penalty, $30K is for costs, and the rest will go toward the New Jersey Securities Bureau’s program for investor education. Royal Alliance also must modify its written procedures and policies to prevent similar misconduct by its brokers and advisors moving forward.

Brokerage Firm Negligence

Broker-dealers can be held liable for inadequate supervision if their failure to properly oversee their registered representatives allows investor fraud to occur. Already, Royal Alliance has had to pay approximately $5M to customers that were bilked by Basralian.

At SSEK Law Firm, our broker fraud attorneys can help you determine whether you have grounds for a case.联系我们今天，如果加里·巴斯拉利亚人或其他皇家联盟顾问是您的经纪人，您怀疑欺诈可能是您承受投资损失的一个因素。