Securities Arbitration Lawyer Blog
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.