Rodney Stuart Ferguson, of Chesterfield, Missouri, a stockbroker associated with NYLife Securities LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $2,500,000.00 in damages. Ferguson allegedly provided unsuitable financial planning services and sold inappropriate fixed insurance policies and annuities between 2011 and 2019. The customer further alleged that an unauthorized signature was placed on a life insurance application, and a loan was taken out against her life insurance policy in 2022 without her consent. The claim also alleged violation of FINRA rules in connection with the sale of fixed annuities and insurance products during the time that Ferguson was associated with NYLife Securities LLC. FINRA Arbitration No. 23-00664 (March 20, 2023).
FINRA Public Disclosure shows that Ferguson was referenced in nine other customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On September 6, 2017, a customer initiated investment related complaint involving Ferguson’s conduct was settled for $38,670.11 in damages. The customer alleged that she was advised to purchase a variable annuity with the proceeds of her 401K in January 2015, which was unnecessary as the money was already in a tax-deferred IRA.
On October 5, 2020, a customer initiated investment related complaint involving Ferguson’s conduct was settled for $50,000.00 in damages. The customer alleged that Ferguson made an unsuitable recommendation to liquidate an annuity from another financial institution to purchase mutual funds through NYLife Securities LLC.
Ferguson is also referenced in another customer initiated investment related claim filed on March 15, 2023. In this case, the customer sought $600,000.00 in damages. The claim alleged that, while associated with NYLife Securities LLC, Ferguson advised the customer to purchase life insurance and fixed annuities, despite the customer stating a desire for investment growth, retirement income, and liquidity. FINRA Arbitration No. 23-00594.
On March 16, 2023, a customer initiated an investment related FINRA securities arbitration claim against Ferguson, requesting $475,000.00 in damages. The customer contended that Ferguson provided unsuitable recommendations of insurance policies and annuities, as those products were not aligned with their financial goals or needs. Violations of FINRA rules were also alleged. FINRA Arbitration No. 23-00635.
Another customer filed an investment related claim against Ferguson on March 20, 2023. The customer requested $280,000.00 in damages. Ferguson supposedly provided financial planning services to the customer, her family members, and her in-laws between 2011 and 2019. During this time, he is alleged to have recommended and sold multiple unsuitable insurance policies and annuities and violated FINRA rules. FINRA Arbitration No. 23-00639.
Ferguson has been associated with NYLife Securities LLC, based in Chesterfield, Missouri, Sarasota, Florida, and Farmville, Virginia, since March 14, 2000. He has also been associated with Eagle Strategies LLC as an investment adviser representative since March 10, 2000.
