Broker Adam Belardino (also known as Adam Gerard Belardino) was suspended from acting as a broker by FINRA after he allegedly failed to appear for on-the-record testimony requested by FINRA staff on two occasions, according to a FINRA complaint under review by securities attorney Alan Rosca.
Belardino was most recently employed by MML Investors Services, LLC in Elmsford, New York from March 2017 until April 2019. He reportedly has 11 years of experience in the securities industry.
Investor rights attorney Alan Rosca and his colleagues at Rosca Scarlato LLC law firm are investigating conduct related to broker Adam Belardino’s FINRA allegations. Investors who are concerned about their investments with Belardino may reach out to attorney Alan Rosca or his colleagues for a free, no-obligation consultation and discussion of potential options, or to provide any useful information. Interested Belardino investors may call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
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Adam Belardino Allegedly Failed to Appear for Two On-the-Record Testimonies
The FINRA complaint filed on May 11, 2021 states that previously registered broker Adam Belardino violated FINRA rules by allegedly failing to appear for two on-the-record (OTR) testimonies requested by FINRA.
Following its investigation into Belardino’s termination from MML Investors Services, LLC, which reportedly occurred in March 2019, FINRA allegedly asked Belardino’s counsel to provide Belardino’s availability for an OTR testimony in August 2020.
Belardino’s counsel allegedly disclosed that Belardino was available to appear for an OTR testimony on October 14, 2020.
According to the FINRA complaint, Belardino’s counsel allegedly provided a letter to FINRA staff on October 12, 2020 that stated that the broker was unable to attend the OTR testimony due to medical reasons.
FINRA rescheduled the OTR testimony for November 12, 2020 and Belardino allegedly failed to appear.
FINRA then rescheduled the OTR testimony for December 7, 2020, and Belardino allegedly failed to appear.
On December 23, 2020, FINRA notified Belardino that he would be suspended from associating with any FINRA member in any capacity as of January 19, 2021, after he allegedly failed to appear for the scheduled OTR testimonies in November and December.
A default decision entered on September 7, 2021 barred Adam Gerald Belsrdino from associating with any FINRA member firm in any capacity.
Adam Belardino Has Several Customer Disputes Disclosed on His Brokercheck
A customer dispute requesting unspecified damages was disclosed on Belardino’s Brokercheck in March 2021. The customer alleged that the REITs sold to him in 2014 were unsuitable for his conservative portfolio, according to Belardino’s FINRA Brokercheck report. Belardino was registered with MSI Financial Services, Inc. in Elmsford, New York when the alleged activities occurred.
Between March 2019 and April 2020, an additional four customer disputes were filed involving Belardino that have since been settled.
The first was filed in March 2019 during Belardino’s employment with MML Investors Services, LLC. The customers alleged that the representative “misrepresented their account values, engaged in excessive levels of trading, and failed to comply with requests to have their accounts liquidated and the proceeds distributed”, according to the Brokercheck report. The customer dispute, which included at least $5,000.01 in alleged damages, was settled in March 2020 for $1,537,066.34.
In a customer dispute filed in April 2019, the customers alleged that mutual fund trades were executed in their joint brokerage account without their consent. The customers also alleged that a life insurance policy was purchased using withdrawn premium payments from their account without their permission; a VUL policy was surrendered without their knowledge, which allegedly resulted in incurred surrender fees; and used invalid signatures to sign both forms. The allegations also included investments in insurance and mutual funds, according to the Brokercheck report. The customer dispute was settled in April 2019 for $6,782.69.
In May 2019, a customer dispute was filed that alleged that while employed by MML Investors Services, LLC, Belardino “conducted unauthorized transactions and solicited new accounts under false pretenses using forged signatures”, as stated by the Brokercheck report. The allegations included investments in variable annuity and insurance, as well as $5,000.01 in alleged damages. In March 2021, the dispute was settled for $69,407.68.
The most recent settled customer dispute, which was filed in April 2020, alleged that Belardino misrepresented the Variable Universal Life policy previously purchased by the customer while registered with MML Investors Services, LLC. Allegedly, Belardino never explained to the customer that the policy could lose value if he failed to pay the premiums. In May 2020, the customer dispute was settled for $51,133.06.
Broker Adam Belardino’s Employment Separation
In March 2019, Belardino was reportedly discharged from MML Investors Services, LLC. Allegedly, Belardino’s registration with the firm was terminated related to an investigation into a customer complaint.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Concerned about investments with
Concerned About Your Investment with Broker Adam Belardino?
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to broker Adam Belardino’s FINRA complaint allegations, among others.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who are concerned in connection with broker Adam Belardino’s FINRA complaint allegations, among others, may contact attorney Alan Rosca or his colleagues for a free no-obligation case evaluation and discussion of potential options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
