NEWARK, N.J. – A former broker and Investment Adviser today admitted stealing millions of dollars from his clients in order to pay for personal expenses, U.S. Attorney Craig Carpenito announced.

Gary Basralian, 70, of Springfield, New Jersey, pleaded guilty before U.S. District Judge Madeline Cox Arleo in Newark federal court to an information charging him with one count of wire fraud and one count of investment adviser fraud.

According to documents filed in the case and statements made in court:

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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