Articles Posted in Churning Fraud

Stoltmann Law Offices is investigating Patrick Teutonico, who is accused of churning, unsuitable options trading, among other securities violations. Our office has filed a case against Network 1 Financial, which is the brokerage firm that Agent Teutonico has been registered with since December 2012. It is alleged that the Firm’s lack of supervision over Agent Teutonico facilitated this trading.

Agent Teutonico allegedly churned securities in the account of an elderly customer engaging in aggressive options trading on margin. The Statement of Claim alleges he over concentrated the Claimant’s account in small-cap technology stocks and invested a substantial portion of the account in the 3D printer market. Churning is excessive trading by a broker in a client’s account to generate commissions for himself and his broker/dealer. It often results in substantial losses in the client’s account.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Teutonico was registered with W.J. Nolan & Co., Ryan, Beck & Co., Gruntal & Co., National Securities Corporation, Gunnallen Financial, First Midwest Securities, A&F Financial Securities, QA3 Financial Corp and Obsidian Financial Group. He is currently registered with Network 1 Financial Securities in Lynbrook, New York and has been since December 2012. He has nine customer disputes against him, six of which are currently pending. He has one criminal disposition against him. If you lost money with Patrick Teutonico, please call our securities law firm in Chicago for a free consultation with a securities attorney to review your claims against Network 1 Financial and Mr. Teutonico.

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