Have you lost money with financial advisor and securities broker Steven Reznik and Raymond James Financial Services, Inc. If so, the attorneys of Investment Loss Recovery Group want to help you to recover your investment losses. We are a law firm that aggressively protects the rights of investors nationwide.
Our founding attorneys, Jason Haselkorn and Matthew Thibaut, have a unique legal and financial services industry background. They are former licensed securities brokers and brokerage firm defense lawyers with more than 40 years of combined legal experience and an extensive background in securities litigation and arbitration. They know how to hold brokers, financial advisors and firms accountable for their negligence or misconduct and how to seek the maximum recovery of investors’ losses. Contact us today and learn more in a free review of your case.
Who Is Steven Reznik?
You can find information about Steven Paul Reznik (CRD# 1067199) through two publicly available databases. The Investment Adviser Registration Depository (IARD) and the Financial Industry Regulatory Authority (FINRA) Central Registration Depository (CRD). Based on Mr. Reznick’s IARD Public Disclosure Report and his FINRA BrokerCheck report:
Mr. Reznick has spent 35 years in the securities industry. Over the course of his career, he has passed numerous securities industry exams, including:
- Series 4 (Registered Options Principal)
- Series 24 (General Securities Principal)
- Series 6 (Investment Company Products/Variable Contracts Representative)
- Series 7 (General Securities Representative)
- Series 63 (Uniform Securities Agent State Law).
Currently, he is not registered as either a securities broker or as an investment adviser representative, according to the IARD Public Disclosure and FINRA BrokerCheck reports.
Between 1982 and 1992, Mr. Reznick was registered with four firms:
- Metropolitan Life Insurance Company (1982)
- Dean Witter Reynolds Inc. (1983-1988)
- Integrated Resources Equity Corporation (1988-1989)
- Pebsco Securities Corp. in Columbus, Ohio (1989-1992).
Mr. Reznik has spent the bulk of his career registered with the Tallahassee, Florida branch of Raymond James Financial Services, Inc., from October 1989 through July 2018.
What Are the Complaints Against Steven P. Reznick?
According to Mr. Reznick’s FINRA BrokerCheck report, clients have filed a total of three complaints against him over the course of his career. All complaints arose while he was registered with Raymond James Financial Services, Inc.
Two of those complaints were resolved:
- In 1998, a client filed a complaint which alleged that Mr. Reznick executed “numerous unauthorized trades on her account” and recommended an “inappropriate security for an investor in her financial position.” The complaint alleged $60,000 in damages. The case settled in 1999 for $3,500.
- In 2017, a client filed a complaint against Mr. Reznick which alleged that he engaged in “unauthorized trading and unsuitable investments.” The complaint alleged $38,000 in damages. It settled for $15,000 in 2018.
One complaint against Mr. Reznick currently is pending resolution. As FINRA reports:
- In April 2018, a client filed the complaint, alleging that Mr. Reznick recommended unsuitable investments, overconcentrated the client’s account and recommended investments that performed poorly. The complaint alleges $58,721 in damages.
How Can Clients Recover Investment Losses Involving Mr. Reznick and Raymond Financial Services, Inc.?
One of the primary duties that a financial advisor and securities broker owes to clients is to refrain from recommending that the client buy or sell a security that is “unsuitable” for the client. (See FINRA Rule 2111.) Whether an investment is suitable depends on factors such as the client’s:
- Financial situation
- Investment experience
- Investment objectives.
Unless the broker has advanced, written permission to proceed, the broker must also contact the client and get authorization before buying or selling securities in the client’s account. Above all, the broker can never misrepresent or fail to disclose material facts about an investment.
The overconcentration of funds in a particular type of investment, class of investments or market sector can also violate the duty which a broker owes to a client. Rarely is it ever suitable to concentrate a client’s investment funds. This is because it exposes the client to the risk of substantial losses if a particular investment, class of investments or market sector suddenly tanks. If a financial services advisor or broker fails to diversify a client’s investment portfolio and causes significant investment losses, the client may have a right to seek a full recovery of his or her losses.
Of course, a brokerage firm also owes a duty to its clients. The firm must have a system in place which allows it to adequately supervise the conduct of the brokers that it employs. (See FINRA Rule 3110.) If a broker engages in misconduct that harms investors due to the firm’s failure to provide adequate supervision, the firm should be held responsible as well.
If you have suffered significant investment losses due to suspected broker misconduct or a brokerage firm’s failure to provide adequate supervision of a broker, you should seek help immediately from a law firm with both a keen understanding of the securities industry as well as extensive experience with securities litigation and arbitration.
Contact Our Investment Fraud Attorneys Today for a Free Case Review
If you lost money with Steven Reznik and Raymond James Financial Services, contact Investment Loss Recovery Group today for a timely, independent investigation of your case. Our attorneys can put more than 40 years of combined legal experience on your side and the insights which they gained as licensed securities brokers and former brokerage firm defense attorneys. We will know how to seek a maximum recovery of your investment losses and aggressively pursue every cent that you deserve.
We work with clients throughout the country. Because you have only a limited period of time to file claims based on broker misconduct, don’t wait to take action. Call or reach us online now to discuss your case in a free consultation and learn more about how we can help you.