Advisor Alert: Our Attorneys Are Investigating Rodney Stuart Ferguson For Investment Fraud
Did You Lose Money Because of Rodney Ferguson?
Filed: March 11, 2024
Rodney Ferguson currently has one (1) pending customer complaint and one (1) pending judgment/lien event. Overall, he has been the subject of thirteen (13) customer complaints and (1) judgment/lien event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Rodney Stuart Ferguson.
Who Is Rodney Stuart Ferguson?
- Advisor Name: Rodney Stuart Ferguson
- Aliases: Rodney Ferguson
- CRD: 2482868
- Location: Chesterfield, Missouri
- Current Employer: Currently Not Registered
- Previous Firms: NYLife Securities LLC, Pfic Securities Corporation, and Magna Investments
- Number of Known Customer Complaints: 13
- Number of Known Judgment/Lien Events: 1
- Can Rodney Ferguson Be Sued: Yes, in Private Arbitration
- Can Rodney Ferguson’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $2,500,000
- Highest Settlement: $760,000
If you have suffered investment losses by Rodney Ferguson, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stock market losses lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Rodney Ferguson For Broker Misconduct
As of this publication date, Rodney Ferguson has been the subject of 13 customer disputes and 1 judgment/lien event. Let’s review them below.
In February 2024, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that the Variable Universal Life Insurance policy she purchased in March 2023 included an annual income amount that was inaccurate as well as a statement that the purpose of the policy was to help support family members, which was also inaccurate. As of this publication date, this claim remains pending.
In January 2024, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that the Variable Universal Life Insurance policy she purchased in June 2023 contains premium requirements that were not clearly explained and she believes the policy was misrepresented. On February 27, 2024, Mr. Ferguson settled the claim for $7,521, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In October 2023, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that the Variable Universal Life insurance policy he purchased in September 2022 was not clearly explained at the time of sale as he did not wish to purchase a life insurance policy. On November 16, 2023, Mr. Ferguson settled the claim for $73,241.43, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In August 2023, Rodney Ferguson was the subject of a civil judgment or lien in the amount of $7,336.98. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In March 2023, a FINRA arbitration was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that between 2011 and 2019, Mr. Ferguson provided financial planning services and recommended and sold multiple redundant fixed insurance policies and fixed annuities which were not suitable with her financial goals or needs. The claimant also alleges a life Insurance application dated 9/10/2007 contains a signature which is not hers. The claimant further alleges that a loan was taken out against her life insurance policy to maintain the policy coverage in 2022 without her knowledge or consent. The claimant also alleges Respondents violated multiple FINRA rules, including FINRA Rules 2010 and 2090. Per the customer, she lost over $2,500,000 because of Mr. Ferguson’s actions. On January 31, 2024, Mr. Ferguson settled the claim for $760,000, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In March 2023, a FINRA arbitration was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that between 2011 and 2019, Mr. Ferguson provided financial planning services to the client, her mother, her father, her two brothers, her sister, and her sister-in-law. During that time Respondent Ferguson recommended and sold multiple redundant insurance policies and annuities to the client’s family which were not suitable with their financial goals or needs. The client adds that Mr. Ferguson violated multiple FINRA rules, including FINRA Rules 2010 and 2090. Per the customer, he/she lost over $280,000 because of Mr. Ferguson’s actions. On January 31, 2024, Mr. Ferguson settled the claim for $760,000, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In March 2023, a FINRA arbitration was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that between 2013 and 2018, Mr. Ferguson provided financial planning services and even though the claimant informed him he wanted to invest his money so it would grow and provide retirement income and remain liquid, he was advised that purchasing life insurance and several fixed annuities was aligned with his goals. The claimant also alleges that Mr. Ferguson violated multiple FINRA rules, including FINRA Rules 2010 and 2090. Per the customer, he/she lost over $600,000 because of Mr. Ferguson’s actions. On January 31, 2024, Mr. Ferguson settled the claim for $760,000, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In March 2023, a FINRA arbitration was filed against or in reference to Rodney Ferguson by multiple customers of NYLife Securities LLC alleging that between 2011 and 2019, Mr. Ferguson provided financial planning services, recommended, and sold multiple redundant insurance policies and annuities which were not suitable with their financial goals or needs. The claimants also allege that he violated multiple FINRA rules, including FINRA Rules 2010 and 2090. Per the customers, they lost over $475,000 because of Mr. Ferguson’s actions. On January 31, 2024, Mr. Ferguson settled the claim for $760,000, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In June 2020, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that Mr. Ferguson made an unsuitable recommendation in or around April 2012 to liquidate an annuity from another financial institution and to purchase mutual funds through NYLIFE Securities, LLC. Per the customer, he/she lost over $173,000 because of Mr. Ferguson’s actions. On October 5, 2020, Mr. Ferguson settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In January 2017, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that the client was advised to purchase a variable annuity from the proceeds of her 401K in January 2015. The client alleges that she didn’t need the costly annuity since the money is in an IRA and already growing tax deferred. On September 6, 2017, Mr. Ferguson settled the claim for $38,670.11, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In July 2013, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that the terms and conditions of her policies including variable universal life insurance, variable annuities, and 529 plans purchased between 2000 and 2012 were not properly explained to her, including that her life insurance investments were referred to as a savings accounts.
In April 2012, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that incorrect or incomplete information was given to him regarding the 401k plan his company purchased in February 2011. On April 17, 2013, Mr. Ferguson settled the claim for $32,411.12, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In June 2009, a complaint was filed against or in reference to Rodney Ferguson by a customer of NYLife Securities LLC alleging that Mr. Ferguson failed to stop the premiums on the variable life policy at their request. the customer further alleges that the money was not put into the intended money market brokerage account as discussed. On September 29, 2009, Mr. Ferguson settled the claim for $29,292, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
In November 1997, a complaint was filed against or in reference to Rodney Ferguson by a customer of Cigna Financial Advisors, Inc. alleging that Mr. Ferguson recommended that the client cas in her low basis stocks and high quality tax exempt bonds to buy a high commission, high risk variable annuity and that the whole life insurance product was inappropriate and she now purchased the same death benefit but universal life instead. Per the customer, she lost over $217,000 because of Mr. Ferguson’s actions. On February 10, 2000, Mr. Ferguson settled the claim for $90,000, and some or all of this amount may have been paid by Mr. Ferguson’s employer and/or insurance carrier.
How To File A Claim Against Rodney Ferguson (previously with NYLife Securities LLC, Pfic Securities Corporation, and Magna Investments) To Get Your Money Back
If you have questions about Rodney Ferguson, NYLife Securities LLC, Pfic Securities Corporation, Magna Investments, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.