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Former Raymond James Financial Services Financial Advisor Steve Reznik Accused of Unauthorized Trading and Over Concentration in Biotechnology Sector

Posted on Thursday, November 1st, 2018 at 10:11 am    

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Erez Law is currently investigating former Raymond James Financial Services financial advisor Steve Reznik (CRD# 1067199) regarding recommendations and/or unauthorized purchases of risky biotech stocks such as: Achaogen, Acadia Pharmaceuticals, Celgene, Clovis, Gilead Sciences, and Ziopharm Oncology. Erez Law is also investigating Reznik’s involvement of unauthorized trading and over concentration in biotechnology sector.

Reznik has been registered with Raymond James Financial Services, Inc. in Tallahassee, Florida from 1989 to 2018. Reznik has been the subject of nine customer complaints between 1998 and 2018, according to his CRD report. Recent complaints are regarding:

September 2018. “Suitability.” The customer is seeking $142,183 in damages and the case is currently pending.

September 2018. “Unsuitability, Common Law Fraud, Breach of Contract, Negligent Supervision, Breach of Fiduciary Duty, Violation of the Florida Securities Act.” The customer is seeking $100,000 in damages and the case is currently pending.

August 2018. “Poor Performance.” The customer is seeking $160,000 in damages and the case is currently pending.

August 2018. “Poor Performance.” The customer is seeking $40,000 in damages and the case is currently pending.

August 2018. “Respondeat Superior, Unsuitability, Common Law Fraud, Breach of Contract, Negligent Supervision, Breach of Fiduciary Duty. 10/2/12 – 7/31/18.” The case is currently pending.

July 2018. “Unauthorized Trades, Suitability.” The customer sought $35,000 in damages and the case was settled for $12,961.

May 2018. “Concentration, Performance.” The customer sought $58,721 in damages and the case was settled for $5,000.

June 2017. “Client alleged unauthorized trading and unsuitable investments. 8/11/2015 – 6/05/2017.” The customer sought $38,000 in damages and the case was settled for $15,000.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James Financial Services may be liable for investment or other losses suffered by Reznik’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.