Clifford Reid: FINRA Investigates Reid & Rudiger Advisor

New York City financial advisor Clifford Reid (CRD# 1905920) is under investigation for allegedly excessive trading. Financial Industry Regulatory Authority records show that he is registered as a broker with Reid & Rudiger, and that he has received multiple investor complaints alleging that he made excessive trades.

Mr. Reid’s BrokerCheck report discloses the FINRA investigation into his conduct. Filed in August 2024, it states that FINRA arrived at a preliminary determination to recommend disciplinary action for excessive trading in violation of FINRA Rules 2111 and 2010. The investigation remains pending.

Another disclosure on Mr. Reid’s BrokerCheck report concerns a recent investor complaint against him. Filed in February 2023, it alleges that as a representative of Reid & Rudiger, he recommended unsuitable investments, made excessive trades, generated excessive commissions, and breached his fiduciary duty. The pending complaint alleges unspecified damages. “The customer’s allegations lack merit,” he wrote in a statement included with the disclosure. “The recommendation made to the customer were suitable, and the trading and commissions were not excessive.”

An earlier investor complaint, filed in 2019, similarly alleged that as a Reid & Rudiger representative, he recommended unsuitable investments, made excessive transactions, and breached his fiduciary duty. In 2021 the complaint reached a settlement of $21,000.

A third investor complaint, filed in 2019, alleged that he failed to place a stop loss order. The complaint reached settlement of $120,000.

A fourth investor complaint, filed in 1998, alleged that as a representative of Nichols Safina Lerner & Company, he breached his fiduciary duty. The complaint reached a settlement of $7,500.

Reid & Rudiger’s website includes a profile of Mr. Rudiger that describes his experience as a co-founder of the firm. “He works closely with many of the firm’s clients in selecting equity and debt investments that meet their investment objectives,” it explains. “He works closely with many of the firm’s clients in selecting equity and debt investments that meet their investment objectives… He is a well-respected mentor for many employees of the firm as well as to youth in his local community. He is head of the firm’s diversity committee and a supporting sponsor of the arts through PBS.”

According to the Financial Industry Regulatory Authority, Clifford Reid holds 33 years of securities industry experience. Based in New York City, he has been registered as a broker with Reid & Rudiger since 1999. His past registrations include Nichols Safina Lerner & Company, Gruntal & Company, and First Investors Corporation. He holds 47 state licenses. (Information current as of December 9, 2024.)

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