Finra bars former Royal Alliance rep who skipped hearing

The Financial Industry Regulatory Authority has barred Gary J. Basralian after the former Royal Alliance broker declined to take part in a hearing investigating alleged fraud. In a letter of acceptance, waiver and consent, Finra said that Mr. Basralian, who joined Royal Alliance Associates in 1989, resigned in December 2017. Later that month, Royal Alliance terminated Mr. Basralian's registrations and reported that he "resigned after customer allegation of fraud and breach of contract related to investments away from the firm." Since his resignation, Mr. Basralian has not been associated with a Finra member firm. He entered the securities industry in 1974 at First Investors Corp., and worked at five firms before joining Royal Alliance.