ADAM BELARDINO Discharged By MassMutual

ADAM BELARDINO Discharged By MassMutual

MML Investors Services, LLC (“MassMutual”) disclosed through Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that it terminated securities broker Adam Belardino (CRD#: 5221927, Elmsford, New York). According to MassMutual, it discharged Belardino following an investigation into a client complaint. Notably, FINRA BrokerCheck shows that four investors took aim at Belardino’s sales practices so far. Here’s what clients alleged about Belardino:

Complaint From MetLife Client Suggests Adam Belardino Misrepresented Investments

 
Evidently, MSI Financial Services, Inc. (“MetLife Securities”) clients brought a dispute on May 9, 2019 regarding Adam Belardino’s sales practices. The clients contend that Belardino misrepresented facts about a variable annuity and a business development corporation (BDC) investment. Supposedly, Belardino failed to give the clients accurate information about investment features. Not only that, but the clients contend that they did not authorize Belardino’s investment transactions. Because of this, the clients seek compensation in this ongoing matter.

MassMutual Clients’ Complaint Indicates Belardino Used False Pretenses To Solicit Investments

 
The second most recent complaint dated May 2, 2019 comes from MassMutual clients. Allegedly, Adam Belardino made unauthorized transactions involving insurance and variable annuity products. Also, the clients contend that Belardino used false pretenses to solicit their investments. The firm failed to disclose the amount in controversy in this ongoing matter.

Complaint From MassMutual Client Suggests Adam Belardino Made Unauthorized Transactions

 
FINRA BrokerCheck shows that a MassMutual client contested Adam Belardino’s sales practices on April 11, 2019. First of all, the clients claim that Belardino executed mutual fund trades which clients did not authorize. Secondly, Belardino allegedly set up a whole life insurance policy without the clients’ consent. Apparently, the clients did not agree on an insurance premium, and did not receive a policy evidencing any purchase of insurance. Plus, clients suggested their signatures were forged on documents to make the insurance policy purchase.  Also, without clients’ knowledge, Belardino potentially caused the sale of their variable universal life insurance policy. Apparently, these issues caused clients to pay unexpected premiums and surrender charges. Eventually, MassMutual compensated the clients to settle the matter.

MML Clients Complaint Suggests Belardino Potentially Excessively Traded Investments

 
In a complaint dated March 18, 2019, MML clients claimed that Adam Belardino misrepresented facts about the values of their investments. Belardino also excessively traded stocks and mutual funds, according to the clients. In addition, clients accused Belardino of failing to liquidate their accounts pursuant to their instructions. Currently, this claim is awaiting a resolution.

Incurred losses by investing with securities broker 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 brokers and brokerage firms.