Adam Gerard Belardino of Elmsford, New York, a stockbroker formerly registered with MML Investors Services LLC, is identified in a customer initiated investment related written complaint which was resolved for $13,431.00 on December 21, 2021, founded on accusations that unsuitable real estate investment trusts were sold to the customer by Belardino during the time that he was associated with MSI Financial Services.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Belardino has been identified in six more customer initiated investment related disputes concerning allegations of his conduct while employed by securities broker-dealers, including MML Investors Services. On May 14, 2019, a customer filed an investment related complaint involving Belardino’s activities where the customer requested compensatory damages supported by accusations of misrepresentations relating to a business development corporation investment and variable annuity purchase. According to the complaint, the customer did not authorize the transactions.
Belardino is also the subject of a customer initiated investment related written complaint which was settled for $1,537,066.34 in damages on March 10, 2020, based upon allegations that excessive mutual fund and stock trades were made in the customer’s account by Belardino and MML Investors Services. According to the complaint, the customer’s account values were misrepresented. The complaint also alleges that the customer’s accounts were not liquidated based on their instructions.
On May 8, 2020, another customer initiated investment related complaint regarding Belardino’s conduct was resolved for $51,133.06 in damages founded on accusations of a misrepresented variable universal life insurance policy by Belardino. The complaint alleges that the customer was not made aware of the risk of a lapse in the policy through nonpayment of insurance premiums.
Another customer initiated investment related complaint concerning Belardino’s activities was settled for $69,407.68 in damages on March 3, 2021, supported by allegations that unauthorized transactions were executed in the customer’s MML Investors Services account. The complaint also alleges that the customer’s new accounts had been solicited using forged signatures.
Belardino has been barred from associating with any FINRA member in any capacity based upon findings that he failed to comply with a FINRA investigation into the reason for Belardino’s termination as an MML Investors Services stockbroker. Letter of Acceptance, Waiver, and Consent No. 2019062347102 (October 5, 2021).
According to the AWC, Belardino was terminated by the securities broker-dealer founded on accusations that a customer complained. The complaint alleged that misrepresentations had been made by the stockbroker concerning the customer’s account values and that excessive trades were made in the customer’s account. The customer’s account had allegedly not been liquidated according to the customer’s instructions. Belardino refused to testify when FINRA sought his appearance in the investigation. FINRA was unable to determine more about the customer’s allegations due to Belardino’s failure to testify. Belardino violated FINRA Rules 2010 and 8210.
Belardino was registered with MML Investors Services between March 25, 2017, and April 16, 2019.
