Rodney Michael Ferruso (also known as Rod Ferruso), of Morgantown, West Virginia, a stockbroker registered with Osaic Wealth Inc. (previously known as Royal Alliance Associates Inc.), has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Ferruso refused to appear and testify in a FINRA investigation concerning allegations of his unsuitable trading. Letter of Acceptance, Waiver, and Consent No. 2022076141801 (September 7, 2023).
Osaic Wealth Inc. issued a Uniform Termination Notice for Securities Industry Registration (Form U5) in August 2022, stating they had allowed Ferruso to resign. This resignation came in light of the discovery of alleged short-term trading in certain mutual funds in Ferruso’s customer accounts. The initiation of FINRA’s investigation was a direct result of their examination of the Form U5 presented by Osaic Wealth Inc.
On September 7, 2023, in relation to its investigation into the details mentioned in the Form U5, FINRA approached Ferruso, seeking his testimony. As confirmed by Ferruso’s email to FINRA on the same day, he recognized receiving the request from FINRA but chose not to participate in any testimony.
Due to his decision to decline the request for testimony, Ferruso violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure also shows that on November 21, 2012, a customer filed an investment related complaint involving Ferruso’s conduct in which the customer requested $16,172.00 in damages based upon allegations that Ferruso caused the customer to experience a tax liability on variable annuity transactions when Ferruso was associated with Signator Investors Inc.
Ferruso was associated with Royal Alliance Associates Inc. in Morgantown, West Virginia from November 2, 2018, to August 30, 2022. He was associated with Signator Investors Inc. in Morgantown, West Virginia from August 27, 1986, to November 2, 2018.
