Last Updated: November 2024 (New York, NY)
National securities fraud lawyers at Patil Law P.C. are investigating Reid & Rudiger LLC broker Marc Harrison (CRD #1605568) regarding allegations of supervisory violations related to excessive trading and churning in customer accounts.
The investigation follows a recent FINRA Wells Notice indicating potential disciplinary action regarding supervisory failures and churning activities.
Critical Insights About New York Financial Advisor Marc Harrison
- Advisor Name: Marc Harrison
- CRD: 1605568
- Location: New York, NY
- Current Employer: Reid & Rudiger LLC
- Classification: Managing Director, General Securities Principal
- Primary Location: 55 Broad Street, 28th Floor, New York, NY 10004
- Can Marc Harrison be sued in FINRA arbitration: Yes
- Regulatory Events: One pending FINRA investigation
- Current Registrations: Licensed in 5 states
- Years of Experience: Since 1986
- Previous Employers: Emmett A Larkin Company (1999), Gruntal & Co (1989-1999)
- Professional Qualifications: Multiple licenses including Series 4, 24, 79, 87
- Outside Business Activities: CEO of Evermore Holdings LLC
- Multiple Supervisory Roles: Investment Banking Principal, Research Analyst, Options Principal
Details of Current Investigation
FINRA has issued a Wells Notice (Examination #20190606476) indicating:
- Potential disciplinary action for supervisory violations
- Alleged violations of FINRA Rules 3110 and 2010
- Concerns regarding excessive trading supervision
- Issues with churning oversight
- Preliminary determination to recommend enforcement action
Analysis of Alleged Misconduct
The pending investigation focuses on serious supervisory failures:
- Inadequate monitoring of trading activity
- Insufficient controls over excessive trading
- Potential churning violations
- Failure to implement proper supervisory systems
- Breakdown in oversight responsibilities
- Possible systemic compliance issues
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
Under Reg BI, supervisors must ensure:
- Implementation of proper controls
- Monitoring of trading activity
- Protection of client interests
- Prevention of excessive trading
- Documentation of supervision
- Adequate compliance systems
FINRA Rules and Their Significance
FINRA Rule 3110 (Supervision) requires:
- Establishment of supervisory systems
- Written supervisory procedures
- Regular review of trading activity
- Monitoring for excessive trading
- Documentation of supervisory actions
- Adequate compliance staff
FINRA Rule 2010 mandates:
- High standards of commercial honor
- Just and equitable principles of trade
- Ethical business practices
- Proper supervision of trading
Professional Background
Mr. Harrison’s extensive experience includes:
- Over 35 years in securities industry
- Multiple principal/supervisory roles
- Investment banking experience
- Research analysis background
- Options trading supervision
- Complex product oversight
Red Flags for Investors
- Pending FINRA investigation
- Supervisory violation allegations
- Excessive trading concerns
- Multiple business activities
- Complex supervisory responsibilities
- Oversight of multiple trading areas
- Historical firm transitions
- Multiple office locations
Implications for Current and Former Clients
Clients should review:
- Account trading activity
- Commission charges
- Portfolio turnover rates
- Investment objectives alignment
- Account supervision
- Trading authorizations
- Fee structures
- Account statements
- Performance reports
- Risk management
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about excessive trading in your account or questions about account supervision under Mr. Harrison, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
