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A former advisor, who was barred by FINRA in March, was arrested and charged with stealing more than $2.1 million from two longtime clients he served while employed at Royal Alliance Associates, according to the New Jersey District Attorney’s Office.
Gary Basralian, 70, defrauded the clients by telling them that he would invest their money in Royal Alliance brokerage accounts or in real estate and high-interest loans, but instead used the funds to pay for personal expenses, including BMW car payments and credit card bills, prosecutors claimed.
He allegedly misappropriated at least $1.4 million from one client and at least $738,000 from the other over a 10-year period from July 2007 through November 2017, according to the criminal complaint.
Basralian was charged with two counts of wire fraud and one count of investment advisor fraud. If convicted, he faces up to 20 years...