Last Updated: January 2025 (New York, NY)
Clifford R. Reid Investigation Summary
Here’s what you need to know about New York, NY, stockbroker Clifford R. Reid:
- Name: Clifford Ronald Reid
- Current Employer: Reid & Rudiger LLC
- CRD Number: 1905920
- Function: Stockbroker / Financial Advisor
- Primary Location: New York, NY
- Aliases: Clifford Reid
- Can Clifford Reid be sued in FINRA arbitration? Yes
- Sanctioned by FINRA: Currently pending investigation
- Highest Settlement or Award: $120,000
- Pending Customer Dispute Seeks Damages of: Damage amount unspecified at this time
If you’ve sustained damages from Mr. Reid, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Clifford Reid As Your Stockbroker?
A pending FINRA investigation initiated on August 14, 2024, is examining allegations of unsuitability and excessive trading by Clifford Reid, potentially violating FINRA Rules 2111 (Suitability) and 2010 (Standards of Commercial Honor and Principles of Trade).
Mr. Reid has also faced several customer complaints, including:
- A 2023 pending complaint alleging unsuitable recommendations, excessive trading, and failure to supervise. No damage amount is specified at this time.
- A $120,000 settlement in 2019, resolving a claim of failure to execute a stop-loss order, among other allegations.
- Prior disputes settled for $21,000 (2019) and $7,500 (1999) related to allegations of unsuitability and breach of fiduciary duty.
Allegations of Broker Misconduct Against Clifford Reid
Customers of Clifford Reid have alleged the following misconduct in connection with the handling of their accounts:
- Excessive Trading and Unsuitable Investment Recommendations:
A pending FINRA investigation alleges Mr. Reid engaged in excessive trading, violating FINRA Rule 2111. This could indicate a pattern of prioritizing commissions over client interests. - Failure to Supervise and Breach of Fiduciary Duty:
Claims from past disputes include allegations that Mr. Reid failed to adequately supervise accounts and acted against his fiduciary duty, leading to client losses. - Failure to Execute Stop-Loss Orders:
A settled 2019 dispute alleged Mr. Reid failed to execute a stop-loss order, resulting in a settlement of $120,000.
FINRA Rule 2010-states that a member: “in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
FINRA Rule 2111- suitability -Regulation Best Interest
The Financial Industry Regulatory Authority (FINRA) mandates brokers to act in their clients’ best interests and disclose disputes, sanctions, and investigations.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Clifford R. Reid, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.