According to FINRA Teutonico failed to observe high standards of commercial honor.
According to the Financial Industry Regulatory Authority (FINRA) Broker Check website, broker Patrick Teutonico is once again in the spotlight. Over the course of 17 years in the securities industry, Teutonico has 10 disclosures to report.
To provide some background, brokers are required by FINRA – known as the industry watchdog – to disclose different types of events, from customer complaints to IRS tax liens, judgments and even criminal matters. As such, Teutonico has 10 on his record, many of which involve allegations of unsuitable and unauthorized transactions. According to InvestmentNews, only about 12% of financial advisors have any type of disclosure event on their records. Therefore, it would seem the number of disclosures by Teutonico is relatively high.
Most recently, Teutonico was handed a 15-day business suspension and a $5,000 fine by FINRA after consenting to the sanctions and entry of findings – without admitting or denying the findings – that he effected four unauthorized transactions in four newly-opened client accounts. At the time he was registered as a General Securities Representative (GSR) with former member firm Obsidian Financial Group, LLC (Obsidian).
In this case, FINRA determined that “Teutonico failed to observe high standards of commercial hone and just and equitable principles of trade in violation of FINRA Rule 2010.” Thus, his suspension and fine were imposed in March 2015.
Fortunately for the four account holders, Teutonico’s firm, Obsidian, cancelled the transactions without losses to the customers and closed the accounts. Not all investors are so fortunate.
Other disclosures in Teutonico’s record with FINRA indicate that his past clients have alleged that he churned within their accounts – which means that he allegedly made excessive trades in client accounts to generate commissions – that he also made unsuitable and unauthorized transactions, abused commissions, breached his fiduciary duty, executed excessive mark-ups/downs and committed possible fraud. Requested damages by his clients through the years total more than $650,000.00.
If you’re an investor who feels your broker has acted inappropriately and you have incurred a financial loss, all is not lost. A knowledgeable securities attorney may be able to help you recover financial losses incurred due to such behavior. The key is to select an experienced securities attorney well versed in securities arbitration, and one with a strong track record in successfully recovering client losses.
The attorneys at Silver Law Group represent investors nationwide and are committed to helping investors recover investment losses through stockbroker misconduct. Our consultations are free and the firm is compensated only when we are successful in recovery. Contact us today to discuss your rights as an investor in greater detail.