Rodney Stuart Ferguson of Ferguson Financial Group and NYLife Securities: Over $500k in Customer Complaints
Summary
According to FINRA BrokerCheck, Rodney Stuart Ferguson is currently registered as a broker with NYLife Securities and as an investment advisor with Eagle Strategies. During that time Ferguson allegedly recommended and sold multiple redundant insurance policies and annuities to the customer’s family members, which were not suitable with their financial goals or needs. • Pending – Alleged Damages $150,000 – Customer alleges Ferguson provided financial planning services and even though the customer 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 would be aligned with his goals. • Settled for $50,000 – Customer alleged Ferguson made an unsuitable recommendation to liquidate an annuity from another financial institution and to purchase mutual funds through NYLIFE Securities, LLC. • Denied by the firm – Customer alleged the terms and conditions of her policies including variable universal life insurance, variable annuities, and 529 plans purchased were not properly explained to her, including that her life insurance investments were referred to as savings accounts.