Patrick Nicholas Teutonico of Seaford New York a stockbroker formerly registered with Network 1 Financial Securities Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $145,000.00 in damages based upon accusations that (1) Teutonico effected unsuitable transactions in the customer’s account and (2) Network 1 Financial Securities Inc. failed to supervise Teutonico’s private placement and over-the-counter equities transactions. Financial Industry Regulatory Authority Arbitration No. 18-02714 (Aug. 20, 2018).
FINRA Public Disclosure reveals that Teutonico is referenced in six additional total customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Network 1 Financial Securities Inc. and First Midwest Securities Inc. In particular, on December 19, 2006, a customer initiated investment related complaint concerning Teutonico’s activities was settled to resolve accusations that while Teutonico was associated with GunnAllen Financial Inc., Teutonico executed over-the-counter equities trades in the customer’s account that were inappropriate for the customer given the customer’s objectives for investing, financial circumstances, age or tolerance for risk.
Thereafter, Teutonico was subject of a customer initiated investment related arbitration claim where the customer was awarded $152,299.00 in damages based on Teutonico having been found liable on the customers claims of Teutonico engaging in unauthorized short-term trading; Teutonico effecting trades which did not reflect the customer’s objectives for investing; and Teutonico churning the customer’s over-the-counter equities portfolio. FINRA Arbitration No. 15-00180 (Apr. 7, 2016). The customer additionally contended that there was a breach of contractual and fiduciary obligations; misrepresentations made concerning investment related information; and unsupervised and negligent stock sales and purchases effected in the customer’s account.
Teutonico is also referenced in a customer initiated investment related arbitration claim in which the customer requested $150,000.00 in damages supported by allegations that contractual and fiduciary duties owed to the customer were breached; and misrepresentations had been made to the customer concerning the customer’s stock and options holdings. FINRA Arbitration No. 16-03163 (Nov. 10, 2016). Then, a customer initiated investment related arbitration claim involving Teutonico’s conduct was settled for $35,000.00 in damages founded on accusations of excessive stock and over-the-counter equities trades being placed in the customer’s investment account. FINRA Arbitration No. 15-03128 (Jan. 19, 2017).
FINRA Public Disclosure further reveals that Teutonico has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Teutonico effected unauthorized trades in customer accounts while associated with former employer, Obsidian Financial Group LLC. Letter of Acceptance Waiver and Consent No. 2012030774502 (Mar. 27, 2015).
Teutonico has been employed by Network 1 Financial Securities Inc. since December 7, 2012.
