Steven Bellino Suspended by FINRA
Steven Bellino (CRD #: 1278531), a broker formerly registered with Equitable Advisors, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 30, 2022. Read on to learn more about his conduct as a broker.
FINRA Suspension
On October 13, 2022, Steven Bellino consented to the entry of findings that he allegedly participated in an undisclosed private securities transaction in April 2019 while employed by Equitable Advisors.
Alleged Undisclosed Private Securities Transaction
According to a Letter of Acceptance, Waiver & Consent, Steven Bellino allegedly solicited a family member to invest $750,000 in a precious metals trading company (Company A) in exchange for a 50% ownership interest in the company.
Steven Bellino allegedly met with the sole owner of Company A (who was also a firm client), on behalf of this family member. He allegedly later advised the family member on the amount of money to invest in the company and the ownership interest this family member would receive in exchange for his investment.
He allegedly failed to inform or seek approval from Equitable Advisors before participating in this transaction.
Alleged Undisclosed Outside Business Activity
The AWC also alleged that, from April 2019 through October 2020, Steven Bellino engaged in an undisclosed outside business activity by working for Company A as a commodities trader and financial consultant.
Services performed by Steven Bellino for Company A allegedly included opening commodities trading accounts, establishing trading relationships with metal refineries, and executing trades in gold futures, physical gold investments, commodities, and foreign currencies on the company’s behalf.
Steven Bellino allegedly received $10,000 in compensation as well as reimbursement for business-related travel expenses. He allegedly also failed to provide written notice or seek Equitable Advisors’ approval for this outside business activity.
The AWC concluded that this alleged misconduct violated FINRA Rules 3280, 3270, and 2010.
FINRA Rule 3280
FINRA Rule 3280 requires brokers to receive approval from their firm before engaging in private securities transactions.
FINRA Rule 3270
FINRA Rule 3270 requires brokers to seek and receive prior approval from their firm for any outside business activities they engage in.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Steven Bellino consented to the following sanctions:
- $7,500 fine
- 14-month suspension
His suspension began on October 17, 2022, and will end on December 16, 2023.
You can read the full AWC here.
Other business activities
Steven Bellino’s detailed BrokerCheck report does not currently list any outside business activities.
Termination from Equitable Advisors
On November 3, 2020, Steven Bellino was fired from Equitable Advisors after allegedly engaging in an unapproved outside business activity.
Background Information
Steven Bellino has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 3 – National Commodity Futures Examination
- Series 30 – NFA Branch Manager Examination
In the past, he worked for the following firms:
- Equitable Advisors (CRD#:6627)
- MF Global (CRD#:6731)
- Fimat USA (CRD#:36118)
- ABN AMRO (CRD#:15776)
- The Chicago Corporation (CRD#:1449)
- First Montauk Securities Corporation (CRD#:13755)
- The Investment Center (CRD#:17839)
- PaineWebber (CRD#:8174)
- Shearson Lehman Brothers (CRD#:7506)
- First Jersey Securities (CRD#:6621)
Kurta Law Can Help
If you worked with Steven Bellino and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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