What to Know
- A former broker and investment adviser who stole at least $2 million from his clients is now headed to prison
- Gary Basralian received 70-month sentence on Friday; He'll also have to serve three years of supervised release once he's freed from prison
- The 72-year-old Springfield man had pleaded guilty in August 2018 to wire fraud and investment adviser fraud
A former broker and investment adviser from New Jersey who stole at least $2 million from his clients is now headed to prison.
Gary Basralian received a 70-month sentence on Friday. He'll also have to serve three years of supervised release once he's freed from prison.
The 72-year-old Springfield man had pleaded guilty in August 2018 to wire fraud and investment adviser fraud.
Federal prosecutors say Basralian stole the money over a 10-year period and spent it on personal expenses, including payments on a BMW and tens of thousands of dollars in credit card bills.
Basralian worked for many years at a Jersey City-based securities firm. Prosecutors say he defrauded his clients by falsely telling them he would invest their money in securities and other investments and then misappropriated the money.
