FINRA Reportedly Files Complaint against Adam Belardino after Allegations of Misrepresentation and Excessive Trading
According to a complaint filed this week by The Financial Industry Regulatory Authority (FINRA), financial advisor Adam Belardino (CRD #5221927) was reportedly named a respondent in a FINRA complaint alleging that he failed to appear for on-the-record (OTR) testimony requested by FINRA.
FINRA was reportedly investigating Belardino’s termination from his former member after a customer complaint alleged that 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.
According to FINRA, following the initial filings, the firm filed multiple Form U5 amendments that allegedly disclosed new complaints from customers. The last Form U5 amendment reportedly disclosed a new complaint from a customer alleging that the securities sold to him by Belardino were purportedly unsuitable for his conservative portfolio.
FINRA said that Belardino purportedly failed on two occasions to appear for on-the-record testimony.
The regulator reportedly suspended Belardino on February 16, 2021 “until required information is provided to FINRA or the suspension converts to a bar.”
Belardino’s broker report indicates he was registered with MML Investors Services in Elmsford, NY from 2017 until April 2019. Prior to that he was affiliated with MSI Financial Services for ten years. He has 5 customer complaints on his broker record, four settled and one denied.
Potential Lawsuits to Recover Financial Losses
Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Belardino’s employers failed to properly supervise him, the firm may be held responsible for the losses in a FINRA arbitration claim.
If you are concerned about your investments with Adam Belardino, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.