Gary John Basralian of Maplewood New Jersey a stockbroker formerly employed by Royal Alliance Associates Inc. has been suspended on April 23, 2019 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Basralian failed to comply with a FINRA Arbitration Award in which he was ordered to pay a customer $2,113,665.00 in compensatory damages after being found liable on the customer’s claims of (1) violating New Hampshire Securities act (2) converting the customer’s funds (3) breaching his contractual obligations to the customer (4) violating the Racketeer Influenced and Corrupt Organizations Act (RICO) and (5) and committing fraudulent actions in the customer’s securities account. FINRA Arbitration No. 18-04164 (Jan. 15, 2019).
Basralian has been sanctioned two additional times for his misconduct in the securities industry. In fact, he has been barred from associating with any FINRA member in any capacity based upon findings that he obstructed a FINRA investigation into his termination from Royal Alliance Associates on December 20, 2017. The AWC stated that Basralian departed the firm amid accusations of breach of contract and fraud relating to private securities transactions. Letter of Acceptance Waiver and Consent No. 2017056769401 (Mar. 20, 2018).
According to the AWC, when Basralian was investigated by FINRA in 2018, he was asked to provide information and documentation to the regulator. Nothing was furnished to FINRA from Basralian by the deadline the regulator imposed. Another request was made by FINRA but to no avail. In fact, FINRA discovered from Basralian’s legal counsel that Basralian was not going to cooperate in the investigation. FINRA found Basralian’s conduct violative of FINRA Rules 2010 and 8210 which warranted a permanent bar from the securities industry. Subsequently, Basralian’s stockbroker and investment adviser representative registrations in the State of New Jersey were revoked by the New Jersey Bureau of Securities based upon Basralian being expelled by FINRA.
FINRA Public Disclosure confirms that Basralian has been identified in four more customer initiated investment related disputes which pertain to allegations of his misconduct during the time that he was associated with securities broker dealers including Royal Alliance Associates. In fact, a customer filed an investment related arbitration claim involving Basralian’s conduct where the customer sought damages estimated to exceed $5,000.00 supported by accusations including breach of fiduciary duty, unsuitability, conversion, breach of contract, negligent supervision, violation of RICO, misappropriation and fraud. FINRA Arbitration No. 18-01285 (Apr. 11, 2018).
Another customer initiated investment related arbitration claim concerning Basralian’s activities was settled for $155,000.00 in damages based upon allegations that contractual obligations to the customer had been breached, and the customer was defrauded by acquiescing to investments Basralian executed outside the auspices of Royal Alliance Associates. FINRA Arbitration No. 18-02728 (June 14, 2019).
