Edward Rudiger & Marc Harrison: Churning Allegations
Edward Rudiger (CRD# 2118724) and Marc Harrison (CRD# 1605568), brokers registered with Reid & Rudiger, churned investments, according to a regulatory investigation. MDF Law is investigating the New York City-based financial professionals for similar conduct. If you have concerns about investments in your account, contact our law firm for a free consultation.
To learn more about the allegations against Mr. Rudiger and Mr. Harrison, continue reading this post. The information herein is based on an October 1, 2024 review of each representative’s BrokerCheck profile, a Financial Industry Regulatory Authority record.
FINRA Investigation Into Edward Rudiger Alleges Excessive Trades
On August 14, 2024, FINRA made a preliminary determination to recommend disciplinary action against Mr. Rudiger, according to his BrokerCheck report. As FINRA disclosed, its disciplinary action would allege that he violated FINRA rules and securities law by making excessive trades and failing to supervise excessive trading and churning. The regulator’s investigation is still pending.
Investigation Into Marc Harrison Alleges Supervisory Failures
FINRA made a similar determination to recommend disciplinary action against Mr. Harrison on August 14, 2024, according to his BrokerCheck report. As with Mr. Rudiger, the action would allege violations of FINRA rules “for supervision concerning excessive trading and churning.” FINRA’s investigation is still pending.
Past Disputes Settled for 7 Figures
Between 2009 and 2022, four parties of investors filed disputes involving Mr. Rudiger that resolved with either a settlement or award to the customer. These disputes included allegations of excessive trading, misrepresentation, and unauthorized trading. His member firm settled three of the disputes for more than $1 million in total. The fourth evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $98,666.
Pending Disputes Allege Unsuitable Investments
Since 2022, three parties of investors have filed disputes involving Mr. Rudiger that are still pending. These disputes include allegations of unsuitable investment recommendations, breach of contract, unfair commissions, unauthorized transactions, and excessive trading. While the claims are still pending, the claimants are seeking more than $1 million in cumulative damages.
FINRA: Rudiger Based in NYC
Edward Rudiger launched his career as a broker in 1992, when he registered with Gruntal & Company in New York City. He left the firm for Nichols Safina Lerner two years later, then registered with Reid & Rudiger in 1999. Based at the firm’s offices in New York City and Fort Lauderdale, Florida, he has 30 years of experience as a broker and has completed five industry exams.
FINRA: Harrison Also Based in NYC
Marc Harrison started his career as a broker when he joined Shearson Lehman Hutton in 1986. Over the following years, he worked at firms including L.F. Rothschild & Company, Gruntal & Company, and North American Investment Corporation. He joined Reid & Rudiger’s New York City branch office in 1999, where he has remained since.
MDF Law Advocates for Investors
Are you a current or former customers of Edward Rudiger or Marc Harrison with complaints about your investments? You may be able to recover losses. Contact MDF Law to discuss whether a FINRA arbitration proceeding is appropriate for your case. Our attorneys have successfully recovered tens of millions of dollars for the victims of broker fraud. Not only do we take cases on contingency, we also offer free consultations nationwide. Your window to launch a proceeding may be limited, so call 800-767-8040 to speak with a lawyer today.