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Gary Basralian, 72, who worked at a securities firm in Jersey City, defrauded clients for a decade beginning in 2007, using clients' money to make payments on his BMW and credit cards, authorities said.
In one case, Basralian created a phony spreadsheet and sent it to a client who wanted to know why an account decreased in value. Basralian used the phony document to convince the client the money was loaned to various companies and would be repaid with interest.
In one instance Basralian wired money from at least one victim client’s investment account at Securities Firm A to various accounts that he controlled and used the proceeds for his own benefit. When the victim asked why the account had diminished in value, Basralian sent the victim a phony spreadsheet showing that the money was being invested as loans to various companies and would be paid back with interest.
Altogether, Brasalian admitted stealing $2 million.
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