CLIFFORD R REID Formerly of Reid Rudiger LLC

CLIFFORD RONALD REID (CLIFFORD R REID) was previously registered with REID RUDIGER LLC of New York, NY from 10/06/1999 - 04/30/2026.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, CLIFFORD R REID has 34 years of experience in the securities industry and was listed as a broker with 4 firms.  Reid is not currently listed with any firms. Reid has 11 disclosures on his FINRA CRD report. 

One of the disclosures is a pending “Regulatory” disclosure dated 3/2/2026 initiated by FINRA. The allegations are, “The firm, Harrison, Mezzatesta, Reid, and Rudiger were named respondents in a FINRA complaint alleging that the firm, Reid, and Rudiger willfully violated Section 10(b) of the Exchange Act and Exchange Act Rule 10b-5 by churning customer accounts. The complaint alleges that Reid and Rudiger recommended a high-volume, high-cost market-timing strategy, which involved repeatedly taking large equity positions in stocks, often using margin, and then selling out of them after relatively short periods to fund purchases of different stocks that were unsuitable or in the best interests of customers. Reid and Rudiger exercised de facto control of trading in the accounts as the customers relied on them for trade ideas and routinely followed Reid and Rudiger's recommendations. Rudiger and Reid maximized their own financial benefit at the expense of their customers, generating collective costs of $548,566.77 ($499,251.80 of which were commissions) and causing realized losses of $1,104,850.61 on accounts with an aggregate average monthly account value of $365,402.34. The complaint also alleges that firm, Reid, and Rudiger willfully violated Exchange Act Rule 15l-1(Reg BI) and violated FINRA rules 2111 and 2010 by excessively trading customer accounts. Reid and Rudiger made recommendations without exercising reasonable diligence, care, and skill to have a reasonable basis to believe that the series of recommended transactions were suitable for or in the best interests of those customers based on the customers' investment profile. The complaint further alleges that the firm, Reid and Rudiger willfully violated Reg BI Care Obligation. The firm is liable for Rudiger's and Reid's unsuitable recommendations to their customers, as well as the recommendations that were not in their customers' best interest, because Rudiger and Reid were both agents of the firm acting within the scope of their duties when they engaged in this misconduct. In addition, the complaint alleges that the firm and Rudiger failed to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Reg BI, including the Care Obligation and caused the firm to willfully violate Exchange Act Rule 15l-1(a)(2)(iv). Rudiger, as the firm's CEO, was responsible for ensuring the firm had in place a supervisory system designed to reasonably detect and deter prohibited activities, including churning and excessive trading. Rudiger was also responsible for annually reviewing the firm's WSPs and certifying that its processes to establish, maintain, review, test and modify written compliance policies and written supervisory procedures were reasonably designed. The firm conducted manual suitability reviews and did not use available exception reports that included information regarding cost-to-equity ratio and turnover rate and did not otherwise calculate, obtain, or consider those metrics in conducting any supervisory reviews of Rudiger's or Reid's trading for quantitative suitability. Moreover, the complaint alleges Mezzatesta and Harrison failed to identify or investigate the red flags of potential churning and excessive trading by Rudiger and Reid and failed to reasonably address Rudiger and Reid's churning and excessive trading. Mezzatesta and Harrison missed or ignored multiple red flags indicating that Rudiger and Reid were churning or excessively trading, did not use available exception reports that included information regarding cost-to-equity ratio and turnover rate, and did not otherwise calculate, obtain, or consider those metrics in conducting any of their supervisory reviews of Rudiger and Reid's trading for quantitative suitability. Mezzatesta's and Harrison's failures to reasonably supervise resulted in Rudiger's, Reid's, and the firm's willful violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and Exchange Act Rule 15l-1.” CLIFFORD R REID denies these pending allegations.

Also on  CLIFFORD R REID’s  FINRA CRD report, are 10 “Customer Disputes,” 2 are pending, 1 was withdrawn, 1 was closed with no action and 6 have settled.  The significance of  Reid’s disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, CLIFFORD R REID’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. Some of the allegations in part related to the disputes that have settled are: unsuitability, excessive trading, representative did not place stop loss order, failure to supervise and breach of fiduciary duty.  Reid denies the allegations.

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