HOUSTON, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Gary Basralian and Royal Alliance Associates, Inc. (“Royal Alliance”) were recently ordered to pay approximately $4.2 million between two separate awards to a customer and victim for losses she suffered from Gary Basralian’s fraud. Mr. Basralian simply stole millions of dollars in client funds, and his scheme began to unravel late 2017.
In December 2017, Royal Alliance terminated Basralian after receiving a complaint from a customer that Basralian invested the client’s money in suspicious investments, and ultimately believed the funds had been misappropriated. FINRA began an investigation, but Basralian refused to cooperate, which resulted in him being permanently barred from the securities industry. The US Justice Department pursued criminal claims against Basralian, and he ultimately pled guilty to stealing millions of dollars from his clients to pay for personal expenses.
There may be many other clients of Basralian who were victimized, either by having funds outright stolen, or through some other means. In many cases, brokers like Basralian have used more than one method to try to get access to client funds for their own benefits, including by selling unnecessary high commission products, by inappropriately buying and selling investments to generate additional commissions, or through other means. These recent arbitration awards should give these victims hope that it may be possible to recover from these losses.
If you are or were a client of Gary Basralian, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for a free, confidential evaluation of your account. We have a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law.
Contact Info: 800-259-9010
Kirk Smith ksmith@sseklaw.com
Ryan Cook rcook@sseklaw.com
