Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with Gary Basralian. If you suffered losses investing with Gary Basralian, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
Gary Basralian (CRD# 14385)
As of May 23, 2018, Gary Basralian’s FINRA BrokerCheck Report contains the following:
FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
2 Customer Dispute(s)
12/17/2017 Customer Dispute Pending
Allegations: A COMPLIANT WAS RECEIVED ALLEGING FRAUD AND BREACH OF CONTRACT RELATED TO OUTSIDE INVESTMENTS.
11/24/1997 Customer Dispute Denied
Allegations: ALLEGE OMISSION OF MATERIAL FACT REGARDING SALE OF ANNUITY CONTRACT
Broker Comment: LETTER OF EXPLANATION SENT – DENYING ALLEGATIONS ORIGINALLY MET WITH THE CUSTOMERS APRIL 1996 TO DISCUSS INVESTING CUSTOMER’S 401K. HE WAS LEAVING HIS COMPANY AND, AT AGE 55, WAS PLANNING FOR THE NEXT 7 YEARS. INCOME WAS NEEDED BUT NOT KNOWN EXACTLY WHEN; CAPITAL PRESERVATION AND SAFETY WERE IMPORTANT. THE POLARIS VARIABLE ANNUITY PROVIDED ALL THE NECESSARY MEANS TO ACCOMPLISH THEIR OBJECTIVES. OF NOTE – THE CLIENT HAS IN HIS POSSESSION ALL DOCUMENTS, COPIES OF CORRESPONDENCE, HIS CONTRACT AND ALL STATEMENTS. THE CLIENT HAS DRAWN NO INCOME TO DATE. THE ANNUITY HAS GROWN SUBSTANTIALLY. THE INVESTMENT WAS PROPER AND EFFECTIVE.
1 Regulatory Event(s)
3/20/2018 Regulatory Final
Initiated By FINRA
Allegations: Without admitting or denying the findings, Basralian consented to the sanction and to the entry of findings that he failed to provide documents and information as requested by FINRA in connection with an investigation into, among other things, the circumstances of Basralian’s resignation from his member firm. The findings stated that the firm had filed a Form U5 terminating Basralian’s registrations and reporting that he “resigned after customer allegation of fraud and breach of contract related to investments away from the firm.”
Resolution: Acceptance, Waiver & Consent(AWC)
Sanctions: Bar
Registration Capacities Affected: All capacities
Duration: Indefinite
Start Date: 3/20/2018
1 Employment Separation After Allegations
12/12/2017 Employment Separation After Allegations
Firm Name ROYAL ALLIANCE ASSOCIATES, INC.
Termination Type: Permitted to Resign
Allegations: A COMPLAINT WAS RECEIVED ALLEGING THAT THE ADVISOR “INVESTED A SUBSTANTIAL PORTION OF (THE CLIENTS) FUNDS IN A NUMBER OF SUSPECT INVESTMENTS,” THAT THE ADVISOR HAD FAILED TO DISCLOSE TAX LIENS, AND THAT HE “MISAPPOPRIATED MONIES THAT BELONGED TO THE CLIENT.”
Current and Previous Registrations
11/19/1989 – 12/20/2017 ROYAL ALLIANCE ASSOCIATES, INC. (CRD#:23131) MAPLEWOOD, NJ
07/18/1984 – 11/19/1989 INTEGRATED RESOURCES EQUITY CORPORATION (CRD#:6403)
07/06/1983 – 06/28/1984 WZW FINANCIAL SERVICES, INC. (CRD#:5717)
03/31/1980 – 07/05/1983 CORNERSTONE FINANCIAL SERVICES, INC. (CRD#:953)
06/24/1980 – 11/06/1981 KCF INSURANCE AGENCY, INC. (CRD#:8127)
06/20/1977 – 04/30/1980 AMERICAN GENERAL CAPITAL PLANNING, INC. (CRD#:146) 05/22/1974 – 07/06/1977 FIRST INVESTORS CORPORATION (CRD#:305)
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with Gary Basralian and would like a free consultation with a securities attorney, then please call Galvin Legal at 1-800-405-5117.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.