Related Federal Cases
Financial Predator Gets 42 Months: Belardino’s Schemes Unravel
WHITE PLAINS, NY – Adam Belardino, the former CEO of Maddox Group, is headed to federal prison after being sentenced to 42 months for a calculated scheme to defraud clients and pilfer funds from his company’s 401(k) plan. U.S. Attorney for the Southern District of New York, Damian Williams, announced the sentence today, bringing a measure of justice to Belardino’s victims.
Belardino, 42, pled guilty to two counts of wire fraud and one count of making false statements to a government agency. The case, adjudicated by U.S. District Judge Kenneth M. Karas, reveals a pattern of deception and blatant disregard for the financial well-being of those who trusted him with their money. The investigation exposed two distinct, yet equally damaging, schemes targeting separate victims.
The first involved “Victim-1,” who entrusted Belardino with over $313,000 in August 2019 after he convinced her to transfer funds from her existing portfolio to Maddox. Instead of investing the money as promised, Belardino brazenly used it to cover Maddox’s operating expenses – payroll, rent – and, shockingly, personal expenses including credit card charges and travel. When Victim-1 requested the return of her portfolio in September 2021, Belardino spun a web of lies, sending false emails and texts claiming funds were being wired, even depositing worthless checks into her account. He falsely claimed the Maddox Account had sufficient funds to cover the checks, a blatant fabrication.
The second scheme involved “Victim-2” and fraudulent life insurance policies. In May 2019, Belardino, acting as an agent for Insurance Company-1, secured a $1 million policy for Victim-2 (later increased to $18 million), pocketing commissions. But he didn’t stop there. Without Victim-2’s knowledge, Belardino applied for additional policies with Insurance Company-2 and Insurance Company-3, falsifying information about Victim-2’s income, net worth, and health to secure policies worth $3 million and $5 million respectively. He used Victim-2’s funds – without authorization – to pay the premiums, raking in approximately $84,997 in commissions.
This wasn’t a case of bad investments; it was a cold, calculated betrayal of trust. Belardino exploited his position of authority to line his own pockets, leaving his victims financially vulnerable. The 42-month sentence sends a clear message: financial predators will be held accountable for their actions. The Department of Justice continues to prioritize investigations into white-collar crimes that undermine the integrity of the financial system.
Beyond the prison sentence, Belardino will likely face further financial penalties and restitution orders to compensate his victims. The Grimy Times will continue to follow this case and report on any further developments. This case serves as a stark reminder to investors: always scrutinize those you entrust with your financial future, and report any suspicious activity immediately.
Key Facts
- State: New York
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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