FINRA Fines New Jersey Investment Adviser and Firm $4 Million for Stealing from Elderly Client

Posted on January 21st, 2019 at 4:28 PM
FINRA Fines New Jersey Investment Adviser and Firm $4 Million for Stealing from Elderly Client

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has fined New Jersey advisor, Gary Basralian and his firm, Royal Alliance Associates more than $4 million for stealing money from an elderly client suffering a brain injury from a serious car accident.

According to the FINRA complaint, Basralian promised his client that he would invest the money in real estate investments with high-interest loans and other investments in her brokerage account.

Instead, however, Basralian used his client’s money to fund his own personal expenditures, including BMW payments and to pay tens of thousands of dollars in credit card bills.

Furthermore, in order to cover his tracks, Basralian created phony spreadsheets demonstrating that his client’s funds were being invested as loans in real estate investments that would be paid back with interest.

Basralian resigned from Royal Alliance in 2017 and has been barred from the industry by FINRA. Last year, the U.S Attorney’s Office for the District of New Jersey charged him criminally for stealing a total of $2.1 million from two clients in order to pay for his personal expenses.                       

Eccleston Law is investigating the fraudulent activities of Gary Basralian. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, finra, gary basralian,

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