Investors Sue Raymond James For Breach Of Fiduciary Duty

Stock Fraud Lawyers

Steven Paul Reznik of Tallahassee Florida a stockbroker formerly registered with Raymond James Financial Services Inc. is the subject of a customer initiated investment related arbitration claim which has been resolved for $20,000.00 in damages based upon accusations that (1) fiduciary obligations were breached (2) transactions lacked appropriate supervision from the securities broker dealer (3) an investment contract was violated (4) the customer’s account was administered with poor care (5) trades were effected by the stockbroker without any approval by the customer and (6) an unreasonable portion of the customer’s assets were allocated in stocks when Reznik was associated with Raymond James Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00765 (Nov. 15, 2019).

FINRA Public Disclosure reveals that Reznik is referenced in twenty-three more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including Raymond James Financial Services.

Specifically, a customer initiated investment related arbitration claim involving Reznik’s conduct was settled for $275,000.00 in damages based upon allegations that when Reznik was associated with Raymond James Financial Services, common or preferred stock transactions effected in the customer’s account were not suitable given the customer’s risk tolerance, investment objectives or overall circumstances; fiduciary duties which were owed to the customer had been breached; the customer’s account was handled in a negligent manner; misrepresentations were made by the stockbroker regarding the terms, conditions, risks, or status of investments; transactions failed to be reasonably supervised by the securities broker dealer; and an investment related contract was breached. (FINRA) Arbitration No. 19-00648 (June 3, 2019).

Reznik is also referenced in a customer initiated investment related arbitration claim in which the customer requested $150,000.00 in damages supported by allegations that transactions were not reasonably monitored by the securities broker dealer; misleading statements were made by the stockbroker pertaining to the risks and drawbacks of stock transactions; the customer’s account had been poorly managed by the stockbroker; fiduciary and contractual obligations were not complied with; and transactions facilitated by Reznik failed to be suitable when the stockbroker was employed by Raymond James Financial Services. FINRA Arbitration No. 19-02935 (Oct. 3, 2019).

In addition, a customer filed an investment related arbitration claim in reference to Reznik’s conduct where the customer sought $350,000.00 in damages based upon accusations that when Reznik was associated with Raymond James Financial Services, fiduciary obligations were breached; transactions lacked appropriate supervision from the securities broker dealer; the customer’s account was administered with poor care; and an investment contract was violated. FINRA Arbitration No. 19-03227 (Oct. 30, 2019).

Reznik’s employment with Raymond James Financial Services was terminated on July 30, 2018.