FINRA Sanctions Steven Bellino

Soreide Law Group is investigating possible investor claims against Steven Albert Bellino (CRD: 1278531, Woodbury, New York). Notably, FINRA sanctioned the securities broker, who worked for Equitable Advisors LLC. Allegedly, Bellino engaged in private securities transactions. Here is a brief summary of FINRA’s allegations against Bellino.

Steven Bellino Sanctioned By FINRA For Private Securities Transactions

Also, on October 13, 2022, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2020068564101 sanctioning Steven Bellino for infractions. Notably, FINRA alleged that Bellino engaged in private securities transactions.

Bellino, without agreeing or disagreeing with the claims, agreed to certain penalties and accepted FINRA’s findings that he had taken part in a private business deal that wasn't disclosed. Evidently, Bellino convinced a relative to invest $750,000 into a private entity that he was involved with. The investment would give the relative a 50% stake in the entity.

Evidently, to help with this opportunity, Bellino purportedly met the only owner of the entity, who was also a client at his firm. He apparently gave the relative details about the entity and advised them on how much to invest and what they would get in return. Notably, Bellino helped the relative make the investment by moving a total of $750,000 through making wire transfers from the relative to the entity. Supposedly, this was used to buy a 50% stake in that entity. However, he did this without letting his firm know or getting their approval first.

Additionally, FINRA indicated that Bellino was involved in another undisclosed business activity. He was running the private company along with its only owner. They opened accounts for trading commodities and he was involved in consulting, as well as conducting trades in things like commodities, physical gold investments, gold futures, and foreign currencies for the company. Supposedly, Bellino also reached out to metal refineries to create trading relationships on behalf of the company. Evidently, he didn't let his firm know about these activities or get their approval. Supposedly, he lied on a yearly compliance form by saying his prior disclosures were accurate when they indicated he in no way participated in any outside business activities.

How Was It Resolved?

Bellino had to pay a civil and administrative fine of $7,500. He was also suspended from all roles he was registered for in his firm. The suspension lasted 14 months, starting from October 17, 2022, and ending on December 16, 2023.

Employment Information

Bellino worked for Equitable Advisors LLC as a securities broker from September 2017 to November 2020.

Damages Resulting From Equitable Advisors LLC Securities Broker Steven Bellino?

Did you suffer damages because of broker Steven Bellino? If so, contact Soreide Law Group at (888) 760-6552 and talk with a securities lawyer concerning a potential recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors within all 50 states, represents clients on a contingency fee basis and advances costs. Bellino and brokerage firms Bellino worked for deny any and all accusations of sales-related misconduct.