FINRA has barred former MML Investors Services, LLC (“MML”) broker Adam Gerard Belardino from the securities industry for failing to provide on-the-record testimony on two occasions in violation of FINRA Rules 8210 and 2010.
In April 2019, Mr. Belardino’s firm terminated his employment during a review of customer complaints made against him. After learning of the termination, FINRA initiated an investigation into the surrounding circumstances.
If you have suffered investment losses with Adam Gerard Belardino, or MML Investors Services, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
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FINRA Disciplinary Proceeding No. 2019062347102
According to an Office of Hearing Officers (“OHO”) default decision dated September 7, 2021, in April 2019, MML filed a Form U5 explaining that the firm had terminated Mr. Belardino “in connection with” customer complaints that the firm was reviewing. The customer complaints included allegations that Mr. Belardino had misrepresented account values, traded excessively, and did not liquidate accounts as requested by his customers. The Form U5 filing prompted FINRA’s investigation.
After terminating Mr. Belardino’s employment, MML filed five amendments to his Form U5 describing additional complaints customers made against him. The final amendment, filed on March 9, 2021, contained an allegation that Mr. Belardino sold a customer unsuitable investments in real estate investment trusts.
In connection with its investigation, FINRA sent Mr. Belardino a request pursuant to FINRA Rule 8210 for information about the customer complaints. Through his attorney, Mr. Belardino provided only a partial response. FINRA served Mr. Belardino with a second Rule 8210 request, directing Mr. Belardino to provide on-the-record testimony by videoconference.
Two days before the interview, Mr. Belardino’s attorney submitted a letter to FINRA stating that, for medical reasons, Mr. Belardino was unable to attend. FINRA agreed to postpone the interview and notified Mr. Belardino’s attorney of the new date. Mr. Belardino did not appear to provide his testimony. FINRA sent another letter to Mr. Belardino’s attorney, pursuant to Rule 8210, to reschedule the interview. Once again, Mr. Belardino failed to appear.
FINRA’s Department of Enforcement filed a Complaint charging Mr. Belardino with violating FINRA Rules 8210 and 2010 for his two failures to appear and provide on-the-record testimony. Enforcement served the Complaint and Notice of Complaint on him twice. Mr. Belardino did not file an Answer or respond in any way. Consequently, Enforcement filed a Motion for Entry of Default Decision (“Default Motion”). Mr. Belardino did not respond to the Default Motion.
Accordingly, OHO found Mr. Belardino in default, deemed the allegations in the Complaint admitted, and granted the Default Motion.
Adam Gerard Belardino (CRD#: 5221927)
Mr. Belardino first registered with FINRA in 2007. From March 25, 2017, to April 16, 2019, he was registered with FINRA as a general securities representative, employed by MML Investors Services, LLC.
MML filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) on April 16, 2019, and five Form U5 amendments thereafter, the last on March 9, 2021. Mr. Belardino is no longer registered with FINRA or associated with any FINRA member firm.
Mr. Belardino’s public FINRA CRD also shows a total of six customer complaints, one of which is the complaint referenced in the OHO decision and is still pending. The complainant in that matter alleges that the REITs that were sold to him beginning in or around 2014 were unsuitable for his conservative portfolio.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Adam Gerard Belardino, or MML Investors Services, LLC, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at firstname.lastname@example.org or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.