The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Network 1 Financial Securities broker Patrick N. Teutonico to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Teutonico has been registered in the securities industry since 1997. Over the years, he has been registered with 9 brokerage firms: W. J. Nolan and Co. Inc., Ryan Back and Co. LLC, Gruntal and Co. LLC, National Securities Corporation, Gunn Allen Financial Inc., First Midwest Securities Inc., A & F Financial Securities Inc., Q A3 Financial Corp., Op City and Financial Group LLC and, most recently, Network 1 Financial Securities Inc. During that period, the FINRA BrokerCheck report indicates that Mr. Teutonico has been the subject of one Regulatory Event, one Criminal Event and 8 Customer Disputes, 4 of which were pending as of August 22, 2016.
The Regulatory Event was a FINRA enforcement action against Mr. Teutonico for unauthorized trading which was settled without him admitting or denying the allegations. As a result, he was suspended for 15 days and fined $5,000.
The Criminal Event allegedly involved charges of assault and criminal possession of a weapon in the State of New York in 1993. According to the report, he was found not guilty on both felony counts of assault but found guilty of 3rd degree assault, a misdemeanor.
One customer dispute with allegations of fraud, breach of fiduciary duty, violation of FINRA rules, and failure to supervise resulted in an arbitration award in the amount of $152,298 in favor of the customer. Another customer dispute supposedly settled for $4,000. 2 customer disputes were rejected by the brokerage firm and supposedly no further action was taken by the customer. There were four pending arbitrations reportedly filed against Mr. Teutonico for alleged churning, unsuitable investment recommendations, unauthorized trading in violation of FINRA rules and in breach of his fiduciary duty while he was employed at Network 1 Financial Securities and Obsidian Financial Group. We believe that Mr. Teutonico's employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Teutonico contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.