FINRA recently named Adam Belardino of New Rochelle as a Respondent in a Complaint. FINRA alleges that Belardino failed to appear for on-the-record testimony. Belardino was employed at Barnum Financial Group in Elmsford, New York from 2007 to March 2019. During that time, Belardino was a registered representative for MML Investors Services, LLC, which is an affiliate of Massachusetts Mutual Life Insurance Co. He was terminated in March 2019 relating to his firm’s investigation into a customer complaint against him.
Adam Belardino & FINRA Complaint
The Complaint alleges that FINRA began investigating Belardino’s termination from MML Investors Services in April 2019. On July 23, 2019, FINRA requested that Belardino provide a signed statement in response to several matters:
- certain allegations customers made against him
- documents related to those allegations
- a description of the circumstances of his termination from MML, and
- whether there were any other customer complaints made against him.
On August 20, 2019, Belardino provided a response to FINRA in which he stated that he was unable to respond to the allegations related to three of the four customer complaints because he did not have access to any of the relevant documents.
FINRA staff then asked Belardino’s counsel to provide dates when he was available to provide on-the-record testimony. After failing to appear for on-the-record testimony in November and December 2020, FINRA notified Belardino that he would be suspended effective January 2020.
Adam Belardino’s Previous Registrations
According to the BrokerCheck, Adam Belardino has worked 12 years in the securities industry. He was most recently registered with MML Investors Services in Elmsford, New York. Belardino was previously registered with MSI Financial Services in Elmsford, New York (2007-2017); MetLife Securities in Shelton, Connecticut (2007); and Metropolitan Life Insurance Company (2007).
Adam Belardino was terminated in connection with investigation into a customer complaint on March 25, 2019. MML Investors Services, LLC reported to FINRA that it terminated Adam Belardino in connection with investigation into a customer complaint.
Customer Disputes Against Adam Belardino
Currently, Adam Belardino has 6 customer disputes appearing on his BrokerCheck.
- In March 2019, customers alleged that Adam Belardino misrepresented their account values, engaged in excessive trading, and failed to comply with requests to have their accounts liquidated and the proceeds distributed. The claim settled for $1,537,066.34. Adam Belardino was registered with MML Investors Services, LLC during the relevant time.
- In March 2021, complainant alleged that the REITs that were sold to him beginning in or around 2014 were unsuitable for his conservative portfolio. Adam Belardino was registered with MSI Financial Services, Inc. during the relevant time.
- In April 2020, a complainant alleged that Adam Belardino misrepresented a Variable Universal Life policy he purchased in 2017. The complainant stated that it was never explained to him, that he could lose the value in the policy, if he failed to pay the premiums. The claim settled for $51,133.06. Adam Belardino was registered with MML Investors Services, LLC during the relevant time.
- In May 2019, customers alleged that Adam Belardino conducted unauthorized transactions and solicited new accounts under false pretenses using forged signatures. The claim settled for $69,407.68. Adam Belardino was registered with MML Investors Services, LLC during the relevant time.
- In April 2019, complainants alleged 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 complainants also stated that a whole life insurance policy was purchased, but they never agreed to the policy premium, nor was the policy delivered. The complainants stated 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 complainants further alleged that a VUL policy was also surrendered without their knowledge, and as result, surrender fees were incurred. The claim settled for $6,782.69. Adam Belardino was registered with MML Investors Services, LLC during the relevant time.
Investment Losses with Adam Belardino – Contact Us
Former and current customers of Adam Belardino with investment losses that exceed $100,000, and those who may have information relating to the manner in which the firm handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net‐worth, ultra‐high‐net‐worth, and institutional investors, such as non‐profit organizations, unions, public and multi‐employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.