UPDATE! Gary Basralian and Royal Alliance Associates
Have you lost money with financial advisor Gary Basralian of Royal Alliance in Maplewood, New Jersey?
The law firm of Israels & Neuman is continuing its investigation into Royal Alliance and its supervision over Gary Basralian. Royal Alliance was the subject of a regulatory action by the New Hampshire Securities Bureau, regarding allegations that it failed to adequately supervise the transfer of customer funds from a former customer of Basralian.
New Hampshire alleged that the customer lost $1.8 million from fraudulent transfers, and that Royal Alliance was obligated to supervise these transactions. To settle these allegations, Royal Alliance agreed to pay a total of $190,000 in fines and costs.
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, and he has also been arrested and charged with fraud.
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 and New Hampshire. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Royal Alliance.
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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.
Click to view related Article: Victims of Advisor GARY BASRALIAN May Be Able to Recover Money