{"id":6028,"date":"2018-06-01T16:25:07","date_gmt":"2018-06-01T20:25:07","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=6028"},"modified":"2018-06-01T16:25:07","modified_gmt":"2018-06-01T20:25:07","slug":"royal-alliance-associates-arbitration-lawyer","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/royal-alliance-associates-arbitration-lawyer\/","title":{"rendered":"Royal Alliance Associates Arbitration Lawyer"},"content":{"rendered":"

The recent arrest of former broker Gary Basralian (CRD #14385) for defrauding two clients of $2.1 million also raises allegations of failure to supervise about his brokerage firm, Royal Alliance Associates (CRD #23131.) According to news reports, Basralian embezzled money from two elderly women and used the funds for his own expenses. When the discrepancies were discovered, the elderly victims\u2019 attorney notified both the FBI and DOJ. Both agencies took immediate action, and Basralian was arrested May 23, 2018 on charges of wire and investment adviser fraud. He could face as much as 25 years in prison.<\/p>\n

The stockbroker in question allegedly deliberately sought out vulnerable victims who might not notice that he was stealing funds directly from their accounts. Basralian is, himself, 70 years of age\u2014so he likely embezzled from his contemporaries. When the law firm representing the two victims contacted Royal Alliance, Basralian was not immediately terminated, but allowed to resign. He signed a FINRA agreement and was barred from being a broker or affiliated with any broker firms.<\/p>\n

But what about the brokerage firm, Royal Alliance, that failed to stop him? And why didn\u2019t Royal Alliance notice or stop Basralian\u2019s unethical activities over a ten-year period? Allegations against Royal Alliance in this case include inadequate supervision of brokers and lax anti-money laundering compliance that allowed this to not only happen, but continue. But this is not the first time Royal Alliance has been host to broker misbehavior, with several instances of \u201cfailure to supervise\u201d kinds of sanctions.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The recent arrest of former broker Gary Basralian (CRD #14385) for defrauding two clients of $2.1 million also raises allegations of failure to supervise about his brokerage firm, Royal Alliance Associates (CRD #23131.) According to news reports, Basralian embezzled money from two elderly women and used the funds for his own expenses. When the discrepancies […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[582,607,595,580],"tags":[858,109,290],"class_list":["post-6028","post","type-post","status-publish","format-standard","hentry","category-elder-fraud","category-failure-to-supervise","category-investment-fraud","category-stockbroker-misconduct","tag-gary-basralian","tag-royal-alliance-associates","tag-securities-arbitration"],"yoast_head":"\nRoyal Alliance Associates Arbitration Lawyer — Securities Arbitration Lawyers Blog — June 1, 2018<\/title>\n<meta name=\"description\" content=\"The recent arrest of former broker Gary Basralian (CRD #14385) for defrauding two clients of $2.1 million also raises allegations of failure to supervise — June 1, 2018\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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