Reginald A Rasmussen (CRD #3078635) Has Customer Dispute and Criminal Disclosures on FINRA BrokerCheck

Reginald A Rasmussen (CRD #3078635) was previously registered as a broker and has disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 9, 2026. It reflects customer dispute and criminal disclosures. If you invested with Reginald Rasmussen and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Reginald Rasmussen’s FINRA BrokerCheck report reflects four customer dispute disclosures. A summary of two disputes is below:

On December 16, 2025, claimants alleged an unsuitable investment strategy and excessive trading in accounts between 2018 and 2022. The product type is listed as managed/wrap accounts (in-house money manager). FINRA BrokerCheck lists alleged damages of $500,000. The arbitration is pending and was filed with FINRA (Docket/Case #25-02764).

On July 10, 2024, a client alleged unsuitable investment recommendations between September 2021 and May 2023. FINRA BrokerCheck lists the product type as managed/wrap accounts (in-house money manager). The report states damages were not specified, and the dispute was withdrawn on December 19, 2024.

In this category, Reginald Rasmussen’s FINRA BrokerCheck report lists two additional customer dispute disclosures.

Criminal Charges

Reginald Rasmussen’s FINRA BrokerCheck report lists one criminal disclosure. It states that formal charges were brought in Minnesota state court on May 5, 2023, for domestic assault by strangulation (felony). The report lists the disposition as a stay of adjudication dated July 25, 2023. It also lists three years of supervised probation, 45 days in jail served on work release, 100 hours of community service, and a $1,000 fine.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for recommendations and to match them to the customer’s profile. When a dispute claims an unsuitable strategy or excessive trading, the issue often turns on whether the recommendation fit the investor’s goals and risk tolerance.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade. Customer complaints can raise questions about whether the conduct met those standards.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Reginald Rasmussen:

The report states he is not currently registered as a broker.

BrokerCheck indicates he is currently registered as an investment adviser representative.

He has passed the Securities Industry Essentials (SIE) exam. Reginald Rasmussen has also passed Series 7, Series 65, and Series 66.

Was previously registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Kurta Law Can Help

If you have worked with Reginald Rasmussen and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Account Churning | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.