Springfield investment adviser pleads guilty to stealing millions from clients

NEWARK – A Springfield man who formerly worked as a broker and investment adviser in Jersey City admitted to stealing million from clients to finance his personal expenses.

Gary Basralian, 70, pleaded guilty before U.S. District Court Judge Madeline Cox Arleo in federal court here to one count of wire fraud and one count of investment adviser fraud, U.S. Attorney Craig Carpenito announced.

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The New Jersey Bureau of Securities in the Office of the New Jersey Attorney General revoked Basralian’s agent and investment adviser representative registrations on May 22, 2018.

According to court documents and statements, Basralian was a registered broker who provided investment adviser services to clients and received compensation for advising them about investing in, purchasing or selling securities.
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