FINRA reportedly Bars Adam Belardino after Allegations of Excessive Trading, Misrepresentation
According to public records on September 7, 2021, the Financial Industry Regulatory Authority (FINRA) has barred financial advisor Adam Belardino (CRD #5221927) for allegedly failing to provide on-the-record testimony on two occasions.
According to FINRA’s complaint, the regulator began investigating the circumstances of Belardino’s alleged termination from his former member firm, MML Investors Services in December 2020. The firm reportedly discharged Belardino in connection with an investigation into a customer complaint that alleged that Belardino misrepresented the customers’ account values, engaged in excessive levels of trading, and failed to comply with requests to have their accounts liquidated and the proceeds distributed.
MML then reportedly disclosed several other customer complaints filed against Belardino including one complaint from a customer alleging that the securities sold to him by Belardino were unsuitable for his conservative portfolio.
After Belardino allegedly failed to provide information and testimony in FINRA’s investigation, the regulator reportedly barred him from associating with any FINRA member at any time. According to FINRA, Belardino was reportedly affiliated with the following firms during his career in the securities industry:
03/25/2017 – 04/16/2019, MML INVESTORS SERVICES, LLC (CRD#:10409), ELMSFORD, NY
10/23/2007 – 03/25/2017, MSI FINANCIAL SERVICES, INC. (CRD#:14251), ELMSFORD, NY
05/09/2007 – 07/09/2007, METROPOLITAN LIFE INSURANCE COMPANY (CRD#:4095), ISELIN, NJ
05/09/2007 – 10/15/2007, METLIFE SECURITIES INC. (CRD#:14251), SHELTON, CT
Belardino’s broker report indicates he has 6 customer complaints filed against him since 2019. Allegations include unsuitable investments, misrepresentation, and unauthorized trades among others.
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities claims involving Adam Belardino and the liability his employers may have for failure to properly supervise his activities.
When brokers abuse client accounts or conduct transactions that violate securities laws, such as making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Adam Belardino, the attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against his former employers. For a free consultation, with a securities attorney please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
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