Articles Posted in MML Investors Services

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.

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Peter Suyama from the securities industry for 20 days.  Mr. Suyama consented to the suspension after FINRA alleged that in April 2019, while associated with LPL Financial LLC in McClean, Virginia, Mr. Suyama violated FINRA Rules 3280 and 2010 by participating in a private securities transaction involving the purchase of $50,000 in preferred shares of a biotechnology company without proving notice to or obtaining the firm’s approval for the transactions.  Mr. Suyama is currently associated with MML Investors Services, LLC in Glen Allen, Virginia.  Mr. Suyama was also associated with Ameriprise Financial Services from 2006 to 2017.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019064900501

Peter Bruce Suyama and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 10, 2021, after FINRA made the following allegations:

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Adam Belardino.  The complaint alleges that Mr. Belardino failed to cooperate with a FINRA investigation, which was initiated in Aril 2019 after Mr. Belardino’ s employment was terminated by MML Investors Services, LLC and disclosed (through a Form U5) that it discharged Mr. Belardino “in connection with [an] investigation into a customer complaint.  The Form U5 (Uniform Termination Notice for Securities Industry Registration) also disclosed a complaint from customers alleging that beginning in November of 2018, Mr. 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.  Additional customer complaints were subsequently disclosed, including a customer alleging that “the REITs that were sold to him [by Mr. Balardino] beginning in or around 2014 were unsuitable for his conservative portfolio.”

At the time of the alleged conduct, Mr. Balardino was associated with MML Investors Services, LLC (“MML Investor Services”) in Elmsford, New York.  Prior to being a broker at MML Investor Services, Mr. Belardino was associated with MSI Financial Services, Inc. (“MSI Financial Services”), also in Elmsford, New York.

If you or a loved one were a customer of broker Adam Belardino, MML Investor Services, LLC, or MSI Financial Services, Inc.,  contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments.  These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss.  Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction.  In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000.  Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients.   In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds.   It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.

FINRA has suspended former Cambridge Investment Research, Inc. broker Keith Holcomb from the securities industry for 6 months for borrowing money from a customer without notifying or receiving approval from his firm. Holcomb was also fined $7,500.

The conduct is alleged to have taken place while Holcomb was registered with MML Investors Services, LLC in Warwick, Rhode Island.

If you have lost money with Keith Holcomb, MML Investors Services, LLC or Cambridge Investment Research, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Chad Mackland from the securities industry.  Mr. Mackland was barred from the brokerage industry for refusing to cooperate with a FINRA investigation into alleged theft and fraudulent sales practices.

According to his BrokerCheck report, Mr. Mackland is facing four felony charges in the District Court of Pottawattamie County in Iowa.  He is accused of committing fraudulent sales practices and theft by deception.

Mr. Mackland was associated with Lion Street Financial, LLC in Council Bluff, Iowa, from December 2018 to February 2020.

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