Steven Paul Reznik of Tallahassee Florida a stockbroker formerly employed by Raymond James Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages based upon accusations that (1) fiduciary duties and contractual obligations had been breached (2) the firm failed to supervise transactions placed in the customer’s account (3) inappropriate sector-specific equity investments had been executed in the customer’s investment portfolio and (4) the customer’s account was mismanaged. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00179 (Jan. 14, 2019).
FINRA Public Disclosure reveals that Reznik has been referenced in five more customer initiated investment related disputes pertaining to allegations of his violative conduct while he was associated with Raymond James Financial Services. In particular, on August 15, 2018, a customer initiated investment related complaint regarding Reznik’s conduct was settled for $12,961.00 in damages based upon accusations of unsuitable and unauthorized stock trades being placed in the customer’s investment account.
Another customer filed an investment related arbitration claim regarding Reznik’s conduct where the customer sought unspecified damages supported by allegations that fiduciary duties owed to the customer were breached; the customer was placed into equities that were not appropriate given the customer’s tolerance for risk and objectives for investing; the customer was defrauded; and Raymond James failed to supervise Reznik’s equity trading in the customer’s account. FINRA Arbitration No. 18-02853 (Aug. 13, 2018).
Between August 15, 2018 and August 20, 2018, two additional customers filed investment related disputes involving Reznik’s conduct which were resolved for a total of $22,500.00 in damages based upon accusations that the customers suffered unwarranted poor performance on investments. Thereafter, a customer initiated investment related arbitration claim involving Reznik’s activities was settled for $100,000.00 in damages based upon allegations including breach of fiduciary duty; negligent supervision; fraud; breach of contract; unsuitability; and violation of the Florida Securities Act in regard to options trades placed in the customer’s investment portfolio. FINRA Arbitration No. 18-03101 (Sept. 5, 2018).
Another customer filed an investment related arbitration claim concerning Reznik’s activities in which the customer requested $2,000,000.00 in damages supported by accusations that between March 25, 2015 and September 13, 2018: the customer’s account was negligently handled; trades were executed in the customer’s account without the customer’s permission; omissions and misrepresentations had been made to the customer concerning equities transactions; and a fraud had been committed against the customer. FINRA Arbitration No. 18-03191 (Sept. 20, 2018).
Further, a customer filed an investment related arbitration claim regarding Reznik’s conduct where the customer sought unspecified damages based upon allegations that Raymond James failed to supervise transactions effected in the customer’s account; and were liable for the fraud, breach of contract, and breach of fiduciary duties owed to the customer. FINRA Arbitration No. 18-03470 (Oct. 3, 2018). In addition, Reznik is referenced in a customer initiated investment related arbitration claim in which the customer requested $125,000.00 in damages based upon accusations that trades placed in the customer’s account ran afoul of FINRA Rules 2111, 2330, 2120, 2310, and 2110; and that there was inadequate supervision of the customer’s account transactions from September 26, 2016 to October 31, 2018. FINRA Arbitration No. 18-04041 (Nov. 28, 2018).
In addition, a customer filed an investment related arbitration claim involving Reznik’s activities where the customer sought unspecified compensatory damages supported by allegations that fraudulent equities trades were effected in the customer’s account in March of 2018; and trades were executed without the customer’s consent. FINRA Arbitration No. 19-00110 (Jan. 7, 2019).
Reznik’s registration with Raymond James Financial Services Inc. has been terminated as of July 30, 2018.
