The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Adam Gerard Belardino. According to his publicly available FINRA BrokerCheck report, Adam Belardino had been the subject of multiple customer disputes over the course of his career. He is no longer working as a securities broker in any fashion.
Adam Belardino was a New York-based securities broker who had worked in the securities industry for eleven years. During his career, he had been registered with three different securities firms.
His Registrations
- Metlife Securities (2007-2007)
- MSI Financial Services (2007-2017)
- MML Investors Services (2017-2019)
The Allegations
- In March 2019, customers alleged that Adam Belardino misrepresented their account values, engaged in excessive levels of trading, and failed to comply with requests to have their accounts liquidated and the proceeds distributed. This case was settled for $1,537,066 in damages.
- In May 2019, a customer alleged that Belardino conducted unauthorized transactions and solicited new accounts under false pretenses using forged signatures. This case was settled for $69,407 in damages.
- In April 2020. a customer alleged that Belardino misrepresented the Variable Universal Life policy he purchased in 2017. This case was settled for $51,133.06 in damages.
- In May 2021, FINRA officially sanctioned Belardino for allegedly failing to appear for on-the-record testimony following allegations that he misrepresented customers’ account values, engaged in excessive levels of trading, and failed to comply with requests to have their accounts liquidated and the proceeds distributed. As a result of these findings, Belardino was barred from acting as a securities broker in all capacities indefinitely.
Variable Universal Life
Variable Universal Life (VUL) is a type of permanent life insurance policy with a built-in savings component that allows for the investment of the cash value. Every permanent life insurance policy comes with fees, but the downside to variable life insurance is that it tends to have the highest. Less than scrupulous brokers might not be upfront with clients regarding certain unexpected fees that can come from VULs, including withdrawal fees, sales, and administrative fees, mortality and expense risk charges, investment management fees, and surrender charges.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Adam Gerard Belardino, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
