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The SEC "deems it appropriate and in the public interest to impose the sanctions agreed to in Belardino's offer."
He vacationed in St. Barts, dined at fine restaurants, drove an expensive car and made large cash withdrawals in his "insatiable desire to live a more luxurious lifestyle than he could afford through legal means."
Instead of investing funds, the indictment states, Belardino used the money for payroll and office rent, prior debt, personal travel and credit card charges for mostly personal items.
Belardino was fired, according to Finra, because a customer complained that he had engaged in excessive trading, misrepresented the values of the customer's accounts, and failed to comply with requests to liquidate the accounts and distribute the proceeds.