FINRA reportedly bars Gary Basralian for failure to provide information during an investigation.
According to the Financial Industry Regulatory Authority (FINRA), the regulator has allegedly barred Gary Basralian of Maplewood, NJ from the securities industry.
On January 2, 2018, in connection with an investigation into, among other things, the circumstances of Basralian’s resignation from Royal Alliance Associates, FINRA staff purportedly sent a request to Basralian for documents and information.
By failing to provide documents and information as requested, Basralian was reportedly barred from the securities industry, pursuant to FINRA rules.
According to his FINRA BrokerCheck report, Basralian was registered with Royal Alliance Associates in Maplewood, NJ from January 1989 until he was permitted to resign in December 2017 due to a customer complaint alleging that Basralian “invested a substantial portion of (the clients) funds in a number of suspect investments,” that the advisor has failed to disclose tax liens, and that he “misappropriated monies that belonged to the client.”
There is one pending complaint listed on Basralian’s broker report from December 2017 alleging fraud and breach of contract related to outside investments.
For FINRA’s full findings see FINRA case NO. 2017056769401.
Failure to Supervise
The White Law Group is investigating the liability Gary Basralian’s employer may have for failure to properly supervise him.
Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you suffered investment losses with Gary Basralian, the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the firm’s offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.