Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adam Belardino (Belardino), previously associated with MML Investors Services, LLC, has at least 5 disclosable events. These events include 2 customer complaints, 3 regulatory events, alleging that Belardino recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on June 16, 2023.
The SEC deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 203(f) of the Investment Advisers Act of 1940 (‘Advisers Act’) against Adam Belardino (‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, Respondent admits the Commission’s jurisdiction over him and the subject matter of these proceedings, and the findings contained herein, and consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (‘Order’), as set forth below. On the basis of this Order and Respondent’s Offer, the Commission finds that on October 20, 2022, Belardino pleaded guilty to two counts of wire fraud in violation of Title 18 United States Code, Sections 1343, and one count of making false statements in violation of Title 18 United States Code, Section 1001, before the United States District Court for the Southern District of New York, in United States v. Adam Belardino, 7:22-cr-00233-KMK. On February 9, 2023, a judgment in the criminal case was entered against Belardino. He was sentenced to a prison term of 42 months followed by three years of supervised release and ordered to make restitution in the amount of $501,499.67. The counts of the criminal information to which Belardino pled guilty alleged, inter alia, that Belardino embezzled money from an investor on materially false and fraudulent pretenses and that he used interstate emails and texts in connection with the scheme. Instead of investing the client’s money for her, Belardino diverted the money he received for improper purposes, including paying for overhead expenses and for personal use.