Investors Accuse MML Of Misrepresentation
Adam Gerard Belardino of Elmsford New York a stockbroker formerly employed by MML Investors Services (Massachusetts Mutual life Insurance Company) has been identified in a customer initiated investment related written complaint which was resolved on May 8, 2020 for $51,133.06 in damages founded on accusations of misrepresentations as it pertained to a variable universal life insurance policy sold to the customer while Belardino was employed by MML investors Services. The complaint alleges that the customer was not told about the possibility of the policy losing value over time or that he would have to pay premiums to prevent a lapse of the policy.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Belardino has been identified in four additional customer initiated investment related disputes pertaining to allegations of his misconduct while employed by MSI Financial Services and MML investors Services. On April 29, 2019, a customer initiated investment related complaint in regard to Belardino has been settled to resolve allegations that unauthorized mutual fund transactions and variable universal life insurance policy surrenders were facilitated by the stockbroker. The complaint alleges that customers’ signatures had been forged on documentation to effect insurance transactions and that the customers never acquiesced to the premium.
Belardino is the subject of another customer initiated investment related written complaint on May 2, 2019 in which the customer requested more than $5,000.00 in damages based upon allegations of unauthorized transactions pertaining to the customer’s insurance and annuity policies. The customer’s transactions were allegedly solicited under false pretenses by Belardino during the time that the stockbroker was associated with MML Investors Services. On May 9, 2019, another customer filed an investment related complaint regarding Belardino’s conduct where the customer sought more than $5,000.00 in estimated damages founded upon accusations that features of business development corporation and annuity products had been misrepresented by the stockbroker. Alternative investment transactions were executed by Belardino without the customer’s knowledge or consent.
On March 10, 2020, another customer initiated investment related complaint in reference to Belardino’s conduct was resolved for $1,537,066.34 in damages based upon accusations that mutual fund and stock trades were effected in the customer’s account on an excessive basis. According to the complaint, misrepresentations were made by the stockbroker concerning the values of the customer’s account. The complaint also alleges that the customer’s instructions of liquidating investments had been disregarded by the stockbroker at MML Investors Services.
On March 25, 2019, Belardino was discharged by Massachusetts Mutual Life Insurance Company founded on accusations of him being subject of an internal investigation into a customer complaint.