Ex-MML Broker Adam Belardino Charged with Allegations of Embezzling Money from a Client
According to an article in Investment News on May 2, Adam Belardino, CEO of New York financial advisory firm the Maddox Group, was reportedly charged last week with wire fraud in connection with his alleged embezzlement of more than $313,000 from a 64-year-old client.
The alleged victim was reportedly a client of Belardino’s prior to founding the Maddox Group in 2019, according to the article.
Belardino allegedly persuaded the client to liquidate some of her portfolio and transfer the liquidated funds to Maddox for investment.
The client reportedly transferred more than $313,000 to Maddox yet Belardino purportedly failed to invest the money as he had promised, but used it to pay the operating expenses of Maddox, including payroll and office rent; pay down prior debt; pay personal credit card charges, etc., according to the DOJ statement, cited by Investment News.
As we reported last year, the Financial Industry Regulatory Authority (FINRA) barred Belardino after he failed to provide information in its investigation into allegations of excessive levels of trading, among others.
According to the article, Belardino reportedly faces up to 20 years in prison.
Belardino was reportedly registered with the following FINRA registered firms, among others during his career in the securities industry:
03/25/2017 – 04/16/2019, MML INVESTORS SERVICES, LLC (CRD#:10409), ELMSFORD, NY,
10/23/2007 – 03/25/2017, MSI FINANCIAL SERVICES, INC. (CRD#:14251), ELMSFORD, NY
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Belardino’s employers may have for failure to properly supervise him.
When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
We represent investors in all 50 states including New York. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
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. To learn more about the firm’s investigation, please see:
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.