Patrick Nicholas Teutonico of Lynbrook, New York, a stockbroker registered with Network 1 Financial Securities, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested $73,650.00 in damages based upon accusations that Teutonico effected excessive trading in over-the-counter equities in the customer’s investment account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-03128 (Nov. 23, 2015).
FINRA Public Disclosure reveals that Teutonico has been identified in eight more customer initiated investment related disputes containing allegations of his misconduct while employed with First Midwest Securities, Inc., Obsidian Financial Group, LLC, Network 1 Financial Securities, and GunnAllen Financial. Specifically, on December 19, 2016, a customer initiated investment related written complaint involving Teutonico’s conduct was settled for $4,000.00 in damages supported by accusations that Teutonico executed over-the-counter equities trades in the customer’s account that were not suitable for the customer.
Thereafter, a customer was awarded $152,299.00 in damages according to an investment related arbitration claim, in which Teutonico was found liable to the customer for churning the customer’s account and effecting over-the-counter equities transactions that were not suitable. FINRA Arbitration No. 15-00180 (Apr. 16, 2016).
Further, a customer filed an investment related arbitration claim pertaining to Teutonico’s activities, where the customer sought $28,533.52 in damages supported by allegations of breach of fiduciary duty, excessive mark-downs and mark-ups, trading on an unauthorized basis, suitability, and churning of the customer’s investment portfolio. FINRA Arbitration No. 15-01415 (Aug. 17, 2015). The customer additionally alleged that Obsidian Financial Group, LLC failed to supervise Teutonico’s activities.
Teutonico is the subject of a customer initiated investment related arbitration claim, in which the customer requested $94,292.45 in damages based upon accusations of suitability, churning and fraud in relation to options and equity transactions effected in the customer’s account. FINRA Arbitration No. 15-01410 (July 9, 2015).
FINRA Public Disclosure additionally confirms that Teutonico has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity by consenting to findings that he effected transactions in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2012030774502 (Mar. 27, 2015). FINRA found that Teutonico’s conduct was violative of FINRA Rule 2010.
Since November 19, 1997, Teutonico has been associated with ten different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws orare otherwise defunct. #cocroach
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