Gary J. Basralian Allegedly Engaged in Fraud & Breach of Contract

Gary Basralian, a former Royal Alliance broker, allegedly engaged in fraud and breach of contract, according to a recent Letter of Acceptance, Waiver, and Consent (AWC) under review by attorney Alan Rosca.

Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating activity related to Basralian’s alleged fraud and breach of contract. Investors who believe they may have lost money in activity related to Basralian’s alleged fraud and breach of contract are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Basralian, who started working at Royal Alliance Associates in 1989, reportedly resigned in December 2017, the AWC notes. Later that month, Royal Alliance allegedly terminated Basralian’s registrations and reported that he “resigned after customer allegation of fraud and breach of contract related to investments away from the firm”, the AWC reports.

Since his resignation, Basralian has not been associated with a FINRA member firm since his resignation and entered the securities industry in 1974 at First Investors Corp., and worked at five firms before joining Royal Alliance, the AWC notes.

Basralian Barred by FINRA

FINRA staff, on January 2, 2018, and in connection with an investigation into, among other things, the circumstances of Basralian’s resignation from Royal Alliance, sent Basralian a request for documents and information, according to the aforementioned AWC under review by attorney Alan Rosca.

Said request held a due date of January 16, 2018, and Basralian allegedly did not respond to the request by the due date of January 16, 2018, and was then, on January 18, 2018, sent a second request by FINRA staff, the AWC reports, with a new due date of January 30, 2018.

Basralian again allegedly did not provide the documents and information requested by FINRA’s requests, and instead, on January 29, 2018, counsel for Basralian allegedly provided FINRA staff with a letter in which he acknowledged receipt of FINRA’s requests and stated that Basralian would “not appear [in] any FINRA investigation in the future”, the AWC states.

Basralian, by failing to provide documents and information as requested pursuant to FINRA Rules, allegedly violated FINRA Rules and thus has been barred by FINRA, the AWC notes.

One should also note that, according to the AWC, Gary Basralian neither admitted nor denied the FINRA findings.

Securities Lawyer Investigating

The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Basralian’s alleged fraud and breach of contract. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.

Investors who believe they lost money as a result of Basralian’s alleged fraud and breach of contract may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@roscalaw.com, or through the contact form on this webpage.

filed under: Investigations

Tags: , , , , ,

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.