Investors Take Aim At Adam Belardino Over Insurance, BDC Sales

Soreide Law Group is investigating possible investor claims against securities broker Adam Belardino (CRD#: 5221927, Elmsford, New York). Evidently, the Financial Industry Regulatory Authority (“FINRA”) reports that five or more investors contested the sales practices of the securities broker, who worked for MML Investors Services (2017 to 2019) and MSI Financial Services (MetLife) (2007 to 2017). Specifically, these disputes seem to suggest that Belardino could have misrepresented insurance policies. Not only that, but Massachusetts Mutual Life disaffiliated with Belardino for a client complaint. Here’s more.

MML Investors Services Indicates That Adam Belardino Misrepresented Variable Universal Life Policy

Evidently, an MML Investors Services client contested Adam Belardino’s sales practices in an April 2020 dispute, according to MML. Supposedly, Belardino misrepresented premiums on a universal life insurance policy. It seems that the client did not know that by not paying premiums, the policy would lose value. Because of this, MML resolved these allegations through a $51,133.06 payment to the client in May 2020.

MSI Financial Client Indicates That Belardino Misrepresented Features Of BDC, Annuity

Notably, a client of MSI Financial Services took issue with Adam Belardino’s actions. In a May 2019 complaint, the client argued that Belardino failed to accurately represent features of investments. It seems that the broker had the clients invest in a variable annuity and business development corporation (BDC). Not only that, but Belardino allegedly acted without the client’s consent in connection with investment transactions. Evidently, this complaint was denied.

Adam Belardino Supposedly Made Unauthorized Transactions In Client’s Account

In addition, a MML Investors Services client took aim at Adam Belardino through a May 2019 dispute. It seems that in May 2019, the client complained about Belardino making an unauthorized transaction. Notably, the client argued that Belardino solicited accounts under false pretenses. It appears that Belardino should not have directed those clients towards purchases of variable annuities and insurance. This matter is currently ongoing.

MML Client Indicates That Belardino Executed Mutual Fund Trades Without Consent

Evidently, a fourth client came forward to dispute Adam Belardino’s actions. In this April 2019 complaint, an MML Investors Services client suggested that Belardino traded without permission. The client made reference to unapproved mutual fund trades in July 2018.

In addition, the client indicated that the client never agreed to an insurance policy premium for a whole life insurance policy. Both a pre-authorized check form and a delivery receipt were supposedly not signed by the client. Finally, the client suggested that Belardino did not have permission to sell the client’s variable life insurance policy. It appears that the client faced penalties for that transaction. This matter settled through MML compensating the client.

Did Belardino Sell You Unsuitable Investments?Lars Soreide AVVO 2020 Top Lawyer

Have you experienced losses by investing with Adam Belardino? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of securities brokers and financial advisors. Belardino denies all allegations of his misconduct.