Adam Belardino, Formerly of MML Investors, Suspended by FINRA Following Failure to Appear for Testimony

FINRA was investigating Belardino based on allegations of misrepresentation.

Adam Belardino (CRD: 5221927) was registered as a broker with MML Investors Services from 2017 until 2019 when he was discharged following allegations contained in a customer complaint. Previously, Belardino was registered with MSI Financial Services from 2007 until 2017.

Belardino has eight other disclosures on his BrokerCheck report. One customer dispute filed against Belardino was denied.

May 2021 Regulatory Judgment

• Status: Pending
• Initiated By: FINRA
• Allegations: Belardino was named a respondent in a FINRA complaint alleging that he failed to appear for on-the-record (OTR) testimony requested by FINRA. The complaint alleges that FINRA began investigating the circumstances of Belardino’s termination from his former member firm. The firm filed a Form U5 disclosing that it discharged Belardino in connection with an investigation into a customer complaint. The Form U5 also disclosed a complaint from customers alleging 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. Following the initial Form U5, the firm filed multiple Form U5 amendments that disclosed new complaints from customers. The last Form U5 amendment disclosed a new complaint from a customer alleging that the securities sold to him by Belardino were unsuitable for his conservative portfolio. FINRA requested that Belardino provide a signed statement addressed to FINRA in response to certain allegations customers made against him, documents related to those allegations, a description of the circumstances of his termination from the firm, and whether there were any other customer complaints made against him. Belardino provided a response in which he stated, among other things, that he was unable to respond to the allegations related to some of the customer complaints because he did not have access to any of the relevant documents. In furtherance of its investigation, including to show Belardino relevant documents and obtain complete responses regarding the customer allegations made against him, FINRA scheduled OTR testimony for Belardino. Belardino failed to appear for the OTR testimony. FINRA rescheduled the OTR testimony for another date. Belardino again failed to appear for the OTR testimony.

March 2021 Customer Dispute

• Status: Pending
• Allegations: The complainant alleges that the REITs that were sold to him beginning in or around 2014 were unsuitable for his conservative portfolio.

December 2020 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Respondent Belardino failed to appear for on-the-record testimony.
• Resolution: Order
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Duration: Indefinite
• Duration Explanation: Continues until required information is provided to FINRA or the suspension converts to a bar.
• Start Date: 2/16/2021
• Regulator Statement: Expedited Proceeding No. FPI210001. On December 23, 2020, FINRA staff issued a notice under FINRA Rule 9552 of intention to suspend Belardino’s association with FINRA member firms for his failure to appear for on-the-record testimony. On January 15, 2021, Belardino filed a timely request for a hearing under FINRA Rule 9559. On February 15, 2021, Belardino withdrew his request for a hearing. Accordingly, because Belardino has withdrawn his hearing request, he is deemed to have abandoned his claimed defense and waived his opportunity to have a hearing. The expedited proceeding is dismissed on February 16, 2021. The Notice of Suspension is deemed the final FINRA action. Pursuant to FINRA Rule 9552 and in accordance with FINRA’s Notice of Suspension letter dated December 23, 2020, Belardino is suspended on February 16, 2021 from associating with any FINRA member firm in all capacities.

April 2020 Customer Dispute

• Status: Settled
• Allegations: The complainant alleges that his representative misrepresented the Variable Universal Life policy he purchased in 2017. The complainant states that it was never explained to him, that he could lose the value in the policy, if he failed to pay the premiums.
• Settlement Amount: $51,113.06

May 2019 Customer Dispute

• Status: Settled
• Allegations: The customers allege that the representative conducted unauthorized transactions and solicited new accounts under false pretenses using forged signatures.
• Damage Amount Requested: $5,000.01
• Settlement Amount: $69,407.68

April 2019 Customer Dispute

• Status: Settled
• Allegations: The complainants allege that in and around July 2018, mutual fund trades were executed in their joint brokerage account without their consent, and the signatures used were not valid. The complainant’s also state that a whole life insurance policy was purchased, but they never agreed to the policy premium, nor was the policy delivered. The complainant’s state they did not sign the pre-authorized check form approving the withdrawal of premium, or the delivery receipt confirming delivery. The signatures on both forms were not valid. The complainant’s further allege that a VUL policy was also surrendered without their knowledge, and as result, surrender fees were incurred. The complainant’s are looking for a refund of the premium payments withdrawn from their bank account for the whole life policy, along with the surrender fees incurred on the VUL policy.
• Settlement Amount: $6,782.69

March 2019 Customer Dispute

• Status: Settled
• Allegations: Beginning in November of 2018, the customers have alleged that the representative has 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.
• Damage Amount Requested: $5,000.01
• Settlement Amount: $1,547,066.34

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Adam Belardino. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.