SEAFORD, NEW YORK

Are you a current or former client of Patrick Teutonico? Our law firm is looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Patrick Teutonico, with Network 1 Financial Securities in Seaford, New York. Teutonico was recently suspended from the securities industry for three months and ordered to pay $42,092 in restitution.

FINRA alleged that Teutonico excessively traded or churned a customer account from July 2018 to June 2019. The customer’s account had a cost-to-equity ratio of more than 35 percent, which means that the account had to earn at least a 35 percent profit just to break even from the costs of trading. The account also had an annualized turnover of 13; generally an annualized turnover of over 6 means that an account is churned or excessively traded.

Patrick Teutonico has been with Network 1 Financial Securities from December 2012 to the present. He has worked in a branch office in Seaford, New York. Teutonico has also been the subject of eight customer complaints, and he had also been suspended by FINRA for 15 days in 2015.

Brokerage firms like Network 1 Financial Securities and financial advisors like Patrick Teutonico have a duty to make suitable investment recommendations to their customers. One of those suitability obligations under FINRA Rule 2111 is a duty to ensure that the trades have “quantitative” suitability – meaning that the advisor must have a reasonable basis for believing that a series of transactions (even if suitable when viewed in isolation) are not excessive or unsuitable.

Israels & Neuman PLC is a securities arbitration and investment fraud law firm with offices in Denver and Seattle, but we represent investors all over the country. We have represented over 1,000 investors in the past.

View BrokerCheck: Teutonico, p BrokerCheck 4.11.22

View FINRA AWC: Teutonico, p BrokerCheck 4.11.22

If you lost money with Patrick Teutonico or Network 1 Financial Securities, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.