Soreide Law Group is investigating potential investor claims against Raymond James Financial Services financial advisor Steven Reznik (CRD#: 1067199, Tallahassee, Florida). Namely, the Financial Industry Regulatory Authority (“FINRA”) shows 19 investor disputes on Reznik’s record. Clients’ claims, summarized below, raise questions about whether Reznik, who worked for Raymond James from 1989 until 2018, sold bad investments and overconcentrated clients’ assets in exceedingly risky investments including biotech companies such as Celgene.

Raymond James Client Files Arbitration Suggesting Steven Reznik Made Unsuitable Equities Trades


Evidently, a Raymond James client brought FINRA Arbitration #: 19-00765 on March 20, 2019 regarding Steven Reznik’s actions. First of all, the client claimed that Reznik sold “unsuitable” equities and overconcentrated the client’s account in one sector. Secondly, Reznik supposedly acted negligently with the client’s account and violated the terms of the client’s investment agreement. Thirdly, Reznik supposedly failed to comply with his fiduciary duty and instead placed his interests ahead of the client’s interests. Fourthly, the client alleged that the Raymond James advisor’s activities lacked Raymond James’ supervision.  Finally, Reznik supposedly violated myriad FINRA rules, according to the client. Because of this, the client demanded $60,000 in compensation in this pending matter.

Client of Raymond James Indicates Reznik Supposedly Misrepresented Investments


Also, a client of Raymond James filed FINRA Arbitration #: 19-00648 on March 8, 2019 contesting Steven Reznik’s sales practices. Notably, the client suggested that Reznik intentionally misrepresented investments. Supposedly, Reznik falsified information, or provided misleading information, about equities and stocks. Not only that, but Reznik supposedly over-concentrated the client in bad investments. The Statement of Claim also suggests Reznik failed to comply with the client’s investment agreement, and failed to comply with his fiduciary responsibility. All things considered, on June 3, 2019, Raymond James opted to settle this matter by paying the client $275,000.

Raymond James Client’s Arbitration Claim Suggests Steven Reznik Made Unauthorized Trades


FINRA BrokerCheck additionally reports that a client filed FINRA Arbitration #: 18-04041 on November 27, 2018. Mainly, the client specified that Steven Reznik engaged in unauthorized trading of equities between 2016 and 2018. It appears that the client did not agree with the equities trades Reznik made. In addition, the client suggested that the equities trades were not consistent with the client’s investor profile (e.g. risk tolerance). Further, this Arbitration contains claims of breach of contract and breach of fiduciary duty. Because of this, the client pursues $125,000 in compensation in this ongoing matter.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Additional investor disputes make similar allegations of Steven Reznik’s supposed sales practice infractions, including unauthorized and unsuitable trading. It appears that 13 disputes settled through payments to clients, while 6 await resolutions. Experienced losses from being overconcentrated in risky biotech investments because of Steven Reznik? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.