Steven Reznik, Formerly of Raymond James Financial Services, Inc., Subject to 18 Customer Disputes in Past Two Years

Multiple customers of Steven Reznick experienced investment losses due to his recommendation that they invest in an over-concentrated portfolio of pharmaceutical and biotechnology stocks.

The Sonn Law Group is investigating allegations that Steven Reznik committed violations of FINRA Rules. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

Steven Reznik (CRD#:1067199) was a financial advisor at Raymond James Financial Services in Tallahassee, Florida for 28 years prior to his termination in 2018. Beginning in 2018, customers begin filing complaints against Reznik for large investment losses they were experiencing as a result of his recommendation that they invest in an over-concentrated portfolio of pharmaceutical and biotechnology stocks, including but not limited to:

• Celegene
• Intrexon Corp.
• Achaogen, Inc.
• Acadia Pharmaceuticals
• Ziopharm Oncology, Inc.
• Mylan
• Perrigo Company
• Receptos, Inc.
• Alexion Pharmaceuticals

In addition to these recommendations, Reznik also recommended an options overlay strategy. The strategy involved the purchase of long and short calls and puts in many of the same pharmaceutical and biotechnology stocks. In some cases, the options were uncovered, or naked options, exposing the clients to extraordinary risk.

Over-concentrated portfolios are speculative and the risk in these portfolios was further enhanced through the implementation of the options strategy.

Reznik has been the subject of twenty total customer complaints throughout his career, six of which are still pending. All but one of these complaints was filed between 2017 and 2019.

The complaints include:

• July 7, 2019 — Allegations of negligence, breach of contract, negligent supervision, breach of fiduciary duty, violation of FINRA Rules, and violation of Florida Statutes (Pending)
• March 20, 2019 — Allegations of over-concentration, unauthorized trading, negligence, breach of contract, negligent supervision, breach of fiduciary duties, and violation of FINRA Rules (Pending)
• March 19, 2019 — Allegations of negligence, breach of contract, negligent supervision, and breach of fiduciary duty (Pending)
• March 5, 2019 — Allegations of unsuitability, over-concentration, breach of fiduciary duty, negligence, negligent representation, intentional misrepresentation, negligent supervision, breach of contract (Settled for $275,000)
• January 15, 2019 — Allegations of negligence, violations of FINRA Rules, breach of contract, negligent supervision, and breach of fiduciary duty (Pending)
• January 10, 2019 — Allegations of over-concentration, unauthorized trading, negligence, and constructive fraud (Pending)
• December 14, 2018 — Allegations of poor performance (Pending)
• November 28, 2018 — Allegations of suitability, over-concentration, unauthorized trading, negligence, violations of FINRA Rules, breach of contract, negligent supervision, and breach of fiduciary duties (Settled for $65,000)
• October 3, 2018 — Allegations of unsuitability, respondeat superior, failure to supervise, negligence, fraud, breach of contract, negligent supervision, and breach of fiduciary duty (Settled for $30,000)
• September 20, 2018 — Allegations of misrepresentations and omissions relating to unauthorized trades, fraud, breach of fiduciary duty, failure to supervise, negligence, gross negligence, negligent retention, negligent misrepresentation, concentration, and respondeat superior liability. (Settled for $145,000)

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.