New York Broker Patrick Teutonico Under Investigation

According to the Financial Industry Regulatory Authority (FINRA) BrokerCheck website, a customer filed a complaint against Teutonico (CRD# 2875434) on November 23, 2015 for excessive trading. This is the eleventh disclosure on his checkered broker report and the fifth in the last year.  Teutonico has been employed by Network 1 Financial Securities, Inc. since December 2012.

Silver law group previously covered Teutonico’s checkered broker report and the ramifications of a report littered with disclosures. On March 27, 2015, Teutonico, without admitting or denying the findings, consented to sanctions in the amount of $5,000 and a suspension totaling 15 business days for failing to observe the high standards of commercial honor and just and equitable principles of trade in violation of FINRA Rule 2010.

Teutonico’s other FINRA report disclosures indicate multiple clients alleging he churned their accounts – meaning he allegedly made excessive trades in client accounts to generate commissions. Additionally, the disclosures allege that he made unsuitable and unauthorized transactions, abused commissions, breached his fiduciary duty, executed excessive markup/markdowns and committed possible fraud, all totaling more than $650,000 in requested damages.

Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.