Gary John Basralian of Maplewood New Jersey is a stockbroker formerly registered with Royal Alliance Associates, Inc. who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to cooperate in a FINRA investigation into allegations of Basralian having committed securities fraud. Letter of Acceptance Waiver and Consent No. 2017056769401 (Mar. 20, 2018).
According to the AWC, Basralian was associated with Royal Alliance Associates between November 19, 1989 and December 20, 2017, at which point he was terminated by the firm based upon a customer’s allegations of Basralian breaching his contractual duties, selling away from the firm and defrauding the customer.
The AWC stated that FINRA then launched an investigation into Basralian’s activities. Apparently, on January 2, 2018, FINRA requested that Basralian furnish information and documentation to FINRA personnel by January 16, 2018, according to Rule 8210. Evidently; however, Basralian failed to provide FINRA with a response to its request by the deadline.
Consequently, on January 18, 2018, another request was sent by FINRA to Basralian, calling upon Basralian to provide the information and documentation by a January 30, 2018 deadline. FINRA reportedly received nothing from Basralian despite making two attempts. The AWC revealed that Basralian’s counsel sent a letter to FINRA on January 29, 2018, acknowledging that Basralian indeed received the requests from FINRA but that Basralian would not be cooperating in FINRA’s investigation. FINRA found that Basralian’s conduct was violative of FINRA Rules 2010 and 2010 as a result of Basralian’s failure to provide information and documentation relating to his activities.
FINRA Public Disclosure confirms that Basralian has been identified in two customer initiated investment related disputes containing accusations of his misconduct. Specifically, a customer filed an investment related arbitration claim that pertained to Basralian’s conduct alleging breach of contract and fraud concerning investments effected away from Royal Alliance Associates. FINRA Arbitration No. 17-03339 (Dec. 17, 2017).
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