Erez Law Investigates Network 1 Financial Securities Inc. Broker Patrick Teutonico
Posted on Monday, October 5th, 2020 at 5:39 pm
Were you the victim of Network 1 Financial Securities Inc. broker Patrick Teutonico (CRD# 2875434)? Teutonico has been registered with Network 1 Financial Securities Inc. in Seaford, New York since 2012.
In March 2015, FINRA fined Teutonico $5,000 and suspended him for 15 days after he, “consented to the sanctions and to the entry of findings that he effected unauthorized transactions as first trades in newly opened customer accounts for which he was the broker of record. The findings stated that each of the unauthorized transactions was cancelled by Teutonico’s member firm without losses to the customers and the accounts were closed.”
Teutonico has been the subject of eight customer complaints between 2006 and 2019, one of which was withdrawn and one was closed without action, according to his CRD report. Recent complaints are regarding:
September 2019. “Breach of Fiduciary Duty, Breach of Contract, Negligent Supervision.” The customer is seeking $125,000 in damages and the case is currently pending. The complaint wsa regarding private placements and IPOs.
August 2018. “Suitability, failure to supervise.” The customer sought $145,000 in damages and the client was granted damages in the amount of $169,354. The complaint was regarding equity OTC, common and preferred stocks, private placements and IPOs.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Network 1 Financial Securities Inc. may be liable for investment or other losses suffered by Teutonico’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.