Steven Reznic, Former Raymond James Broker, Subject Of 24 Disclosures

Steven Reznic (a/k/a Steven Paul Reznik, Steve Reznik) (CRD#: 1067199), a previously-registered broker who last worked for Raymond James Financial Services (CRD#: 6694) at their Tallahassee, Florida branch, is the subject of a remarkable 24 disclosures on his publicly-available FINRA BrokerCheck report.

Reznic has been in the industry since 1982. Before joining Raymond James, Reznic worked for Pebsco Securities Corp. (CRD#: 7110), Integrated Resources Equity Corporation (CRD#: 6403), Dean Witter Reynolds Inc. (CRD#: 7556), and Metropolitan Life Insurance Company (CRD#: 4095).

Customer Disputes Against Steven Reznik

All of the disclosures on Reznik’s BrokerCheck report are customer disputes from the time he was a registered representative of Raymond James (1989-2018). As of this writing, 18 disputes have been settled for a total of $824,460. Six disputes are pending and request $2,165,267 total in damages.

The customer disputes allege the following:

October 2019 – Negligence, violation of FINRA rules, breach of contract, negligent supervision, and breach of fiduciary duty. $350,000 damages requested, pending.
September and October of 2019 – Two identical disputes alleged: Unsuitability, breach of fiduciary duty, negligence, negligent misrepresentation, intentional misrepresentation, negligent supervision, hiring and retention, and breach of contract. $150,000 damages requested, pending.
September, 2019 – Overconcentration, suitability, breach of fiduciary duty, negligence, negligent supervision, fraud, breach of contract, violation of the Virginia Securities Act, and violation of the Florida Securities and Investor Protection Act. $1,000,000 damages requested, pending.
July, 2019 – Negligence, violation of FINRA rules, breach of contract, negligent supervision, breach of fiduciary duty, and violation of Florida Statute 722.11 (elder/disabled financial exploitation). $120,000 damages requested, settled for $26,000.
March, 2019 – Overconcentration, unauthorized trading, negligence, breach of contract, negligent supervision, breach of fiduciary duty, and violation of FINRA rules. $60,000 damages requested, settled for $20,000.
March, 2019 – Negligence, breach of contract, negligent supervision, breach of fiduciary duty. $500,000 damages requested, pending.
March, 2019 – Unsuitability, overconcentration, breach of fiduciary duty, negligence, negligent representation, intentional misrepresentation, negligent supervision, and breach of contract. $350,000 damages requested, settled for $275,000.
January, 2019 – Negligence, violation of FINRA rules, breach of contract, negligent supervision, and breach of fiduciary duty. $100,000 damages requested, settled for $30,000.
January, 2019 – Overconcentration, unauthorized trading, negligence, and constructive fraud. Settled for $99,500.
December, 2018 – Poor performance. $15,267 damages requested, pending.
November, 2018 – Suitability, overconcentration, unauthorized trading, negligence, violation of FINRA rules, breach of contract, negligent supervision, and breach of fiduciary duty. $125,000 damages requested, settled for $65,000.

There are 12 earlier customer disputes, from 2018, 2017, and 1998, which were all settled.

Allegations Include Negligence

Over and over again, the same allegations against Steven Reznik come up: negligence, breach of contract, misrepresentation, unsuitability, unauthorized trades, overconcentration, breach of fiduciary duty, and negligent supervision.

Allegations negligence, negligent supervision, and negligent misrepresentation are the most common on Steven Reznik’s CRD. Securities laws and the Financial Industry Regulatory Authority (FINRA) have established standards of care that brokers and brokerage firms are subject to.

Negligence does not need to be intentional and can be as simple as misrepresenting or omitting a fact. Investors rely on information their brokers give them to make their investment decisions. When a broker provides information about the risk involved in an investment that is wrong or incomplete, investors can become involved in unsuitably risky financial products that cause them to lose money.

Investors often find themselves with losses in an investment that their financial advisor led them to believe was very safe. Upon getting a second opinion and learning more about the investment, they find that the investment involved more risk than they wanted to take and was not suitable for their needs.

When a broker has failed to follow industry standards of care, negligence can be the cause of action for a securities arbitration claim, which can allow an investor to recover investment losses.

Our attorneys represent Tallahassee investors in securities & investment disputes. One of our more recent cases was covered at Law.com regarding a Tallahassee investor dispute.

Do You Have Investment Loses With Steven Reznik Or Raymond James Financial Services?

If you or someone you know lost money investing with Steven Reznik or Raymond James Financial Services, please contact the Silver Law Group toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a confidential consultation. Our attorneys have extensive experience representing investors with losses related to negligence and represent investors in Florida and nationwide.