Did you lose money investing with former MML Investors Services, LLC broker Adam Belardino (CRD# 5221927)? He was registered with MML Investors Services, LLC in Elmsford, New York from 2017 to 2019, when he was terminated regarding, “Registered Representative terminated in connection with investigation into a customer complaint.” Prior to that, he was registered with MSI Financial Services, Inc. in Elmsford, New York from 2007 to 2017.
In May 2021, FINRA opened an investigation into Adam Belardino alleging that he failed to appear for on-the-record testimony requested by FINRA. According to the complaint, FINRA began investigating the circumstances of his 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.”
In February 2021, FINRA suspended Adam Belardino indefinitely following allegations that he failed to appear for on-the-record testimony.
Adam Belardino Customer Complaints
Belardino has been the subject of seven customer complaints between 2019 and 2021, one of which was denied, according to his CRD report:
October 2021. “The complainant alleges that the rep was negligent in 2017 when, instead of telling him how he could improve the viability of his existing universal life insurance policy, the rep instead sold him a new Term life policy, which he recommended that the complainant fund by taking withdrawals from his variable annuity. He would like all of the premiums that he paid into the Term life policy returned to him.” The case is currently pending.
March 2021. “The complainant alleges that the REITs that were sold to him beginning in or around 2014 were unsuitable for his conservative portfolio.” The case was settled for $13,431.
April 2020. “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.” The complaint was settled for $51,133.06. The complaint was regarding insurance losses.
May 2019. “The customers alleged that the representative conducted unauthorized transactions and solicited new accounts under false pretenses using forged signatures.” The customer sought $5,000.01 in damages and the case was settled for $69,407.68. The complaint was regarding insurance and variable annuities.
April 2019. “The complainant’s 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 fee’s incurred on the VUL policy.” The case was settled for $6,782.69.
March 2019. “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.” The customer sought $5,000.01 in damages and the case was settled for $1,537,066.34.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, MML Investors Services, LLC may be liable for investment or other losses suffered by his customers.
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