Rodney Stuart Ferguson, Broker with NY Life, Facing $170K Customer Dispute Alleging Unsuitable Recommendations

Ferguson has been named in multiple customer disputes over the span of his 26-year career.

The Sonn Law Group is investigating allegations that Rodney Ferguson made unsuitable recommendations. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Rodney Stuart Ferguson (CRD#: 2482868) is currently registered as a broker and investment adviser with NY Life Securities, where he has been employed since 2000. Ferguson was previously registered with PFIC Securities, Magna Investments, and Cigna Financial Advisors. Ferguson has been in the financial industry since 1994.

Ferguson has six disclosures on his BrokerCheck report, one of which is a denied customer dispute.

June 2020 Customer Dispute

• Status: Pending
• Allegations: Customer alleges RR 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.
• Damage Amount Requested: $173,000.00

January 2017 Customer Dispute

• Status: Settled
• Allegations: Among other things, Customer alleges that she was advised to purchase a variable annuity from the proceeds of her 401K in January 2015. She alleges that she didn’t need the costly annuity since the money is in an IRA and already growing tax deferred. Customer is requesting the rescission of the annuity and 6% interest on her original investment since inception.
• Settlement Amount: $38,670.11

April 2012 Customer Dispute

• Status: Settled
• Allegations: Customer alleges that incorrect or incomplete information was given to him regarding the 401K plan his company purchased in February 2011.
• Settlement Amount: $32,411.12
• Broker Comment: Although the customer’s complaint was settled, the allegations were determined to be not substantiated with regard to the RR. Customer accepted additional settlement related to the cost of the additional contribution for the 401K plan for the 2012 year in the amount of $20,220.82. The settlement amount has been updated accordingly.

June 2009 Customer Dispute

• Status: Settled
• Allegations: With regard to the existing two variable life insurance policies that were purchased on March 28, 1999, the customer alleges that the agent 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.
• Settlement Amount: $29,292.00

November 1997 Customer Dispute

• Status: Settled
• Allegations: That I recommended that Mrs. Eicheisbach cash 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.
• Damage Amount Requested: $217,000.00
• Settlement Amount: $90,000.00
• Broker Comment: Defendants have denied all allegations, settling Defendants individually and severally. Do not admit any liability whatsoever, the issue was mediated and resolution reached on an 10, 2000. Defendants to Plaintiff, the sum of $90,000.00 Plaintiffs will dismiss with prejudice, each party bears its own costs with Defendants agreeing to reimburse Plaintiffs for court costs into maximum of $1,500. Defendants release Plaintiff from all claims, agree to indemnify and hold harmless Defendants from claims, demands, action. Writing is complete and entire agreement and any other asserted agreements oral or written are null and void. 

Contact Us Today

The Sonn Law Group is currently investigating allegations that Rodney Ferguson made unsuitable recommendations. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.