Investors Sue Reid Rudiger For Excessive Trading

Clifford Ronald Reid of New York New York a stockbroker currently employed by Reid Rudiger LLC has been identified in a customer initiated investment related arbitration claim where the customer sought $220,542.00 in damages founded on accusations of false or misleading statements being made to the customer in regard to common and preferred stock and over-the-counter equities trades executed in the customer’s Reid Rudiger account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02993 (Oct. 16, 2019). According to the claim, a fiduciary duty had been breached by the stockbroker. Trades were allegedly executed in the customer’s account in excessive amounts. The claim also alleges that the customer’s account lacked supervision.

Reid has been identified in five additional customer initiated investment related disputes pertaining to allegations of his misconduct while employed by Reid Rudiger and Nichols Safina Lerner Co. Inc. FINRA Public Disclosure indicates that a customer initiated investment related civil action pertaining to Reid’s conduct was settled for $7,500.00 in damages supported by allegations of the breach of a fiduciary duty that was owed to the customer.

On August 14, 2019, another customer initiated investment related arbitration claim in reference to Reid’s conduct was resolved for $120,000.00 in damages based upon accusations of a stop loss order not being executed on the customer’s over-the-counter equities position. FINRA Arbitration No. 18-04303. Reid is also the subject of a customer initiated investment related arbitration claim where the customer sought $499,999.00 in damages founded on allegations of negligence on Reid’s part as it pertained to stock and over-the-counter equities trades effected in the customer’s account. FINRA Arbitration No. 19-02374 (Aug. 20, 2019). According to the claim, fiduciary and contractual obligations were violated. The claim also alleges the violation of FINRA rules relating to the customer’s securities transactions.

On September 23, 2019, another customer filed an investment related arbitration claim involving Reid’s conduct in which the customer requested $218,388.00 in damages based upon allegations that over-the-counter equities trades were effected in the customer’s account on an excessive and unsuitable basis causing losses in the customer’s Reid Rudiger account. FINRA Arbitration No. 19-02676. The claim alleges breach of fiduciary duty and the lack of supervision in the customer’s account.

Reid is also the subject of a customer initiated investment related arbitration claim where the customer sought $86,000.00 in damages founded on accusations of negligent supervision and breach of fiduciary duty relating to stock trades executed in the customer’s account by the Reid Rudiger stockbroker. According to the claim, transactions were excessive and unsuitable. FINRA Arbitration No. 19-02808 (Sept. 24, 2019).

Reid has been associated with Reid Rudiger since October 6, 1999.