Adam Gerard Belardino of Elmsford New York a stockbroker formerly registered with MML investors Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on a Decision containing findings that Belardino refused to cooperate with a FINRA investigation in regard to customer complaints. Department of Enforcement v. Adam Gerard Belardino Disciplinary Proceeding No. 2019062347102 (Sept. 7, 2021).
According to the Decision, in April of 2019, Belardino’s registration had been terminated by Massachusetts Mutual life Insurance Company (MML) based on a customer making a complaint about him. FINRA learned about Belardino’s discharge and then sought information from him to clarify what happened.
Belardino was asked by FINRA to provide information relating to multiple customer complaints. A partial response was made by Belardino through his attorney. Belardino was also asked by FINRA to testify. The Decision stated that Belardino agreed to testify about the matter but then pulled out two days short citing medical problems. He did not make an appearance on the new scheduled date. A second request for Belardino’s testimony was made, but the stockbroker did not show up.
According to the Decision, Belardino’s noncooperation resulted in Department of Enforcement filing a complaint against him on May 12, 2021. He did not respond to FINRA’s complaint. The Hearing Panel determined that Belardino defaulted and barred him for violating FINRA rules.
FINRA Public Disclosure shows that Belardino has been identified in six customer initiated investment related disputes containing allegations of his wrongdoing while he was employed by MML Investors Services and MSI Financial Services Inc. Belardino is referenced in a customer initiated investment related written complaint on May 9, 2019 in which the customer requested more than $5,000.00 in damages supported by accusations of Belardino effecting business development company and variable annuity transactions without permission while he was associated with MSI Financial Services. The complaint alleges that the features of alternative investments were misrepresented.
On March 10, 2020, another customer initiated investment related complaint regarding Belardino’s activities was resolved for $1,537,066.34 in damages founded on allegations of excessive trading and misrepresentation by Belardino in 2018 during the period that he was associated with MML Investors Services.
On March 3, 2021, a different customer initiated investment related complaint concerning Belardino’s conduct was settled for $69,407.68 in damages based upon accusations of forgery and unauthorized transactions by Belardino pertaining to annuity and insurance products at MML Investors Services.
Belardino’s registration with MML Investors Services was terminated on April 16, 2019.
