National investment fraud law firm Haselkorn & Thibaut is investigating Rodney Stuart Ferguson (CRD# 2482868) and Ferguson Financial Group after the Chesterfield, Missouri-based broker. The investment advisor was hit with ten investor complaints alleging over $500,000 in collective damages and securities violations, including an unsuitable variable annuity investment strategy and the overconcentration of a customer’s account.
Investors who suffered losses with Rodney Ferguson and/or any other broker at Ferguson Financial Group may be entitled to financial recovery. Contact Haselkorn & Thibaut for a free consultation at 1-888-779-0640 or visit InvestmentFraudLawyers.com to discuss your legal options. No recovery, no fee
Who is Broker/Investment Advisor Rodney Stuart Ferguson?
Rodney Ferguson is the Principal and Founder of Ferguson Financial Group in Chesterfield, MO, Farmville, VA, and Sarasota, FL. According to FINRA BrokerCheck, Rodney Stuart Ferguson is registered as a broker with NYLife Securities and an investment advisor with Eagle Strategies.
Ferguson has ten customer complaints, four of which are pending. All four pending complaints were filed in March 2023, collectively alleging $530,000 in customer damages.
Rodney Stuart Ferguson of Ferguson Financial: Over $500k in Complaints
According to FINRA BrokerCheck, Rodney Stuart Ferguson has ten customer complaints, listed below:
1. Filed March 20, 2023: Pending – Alleged Damages $40,000 – Customer alleges Ferguson provided financial planning services to her mother, father, two brothers, sister, and sister-in-law. During that time, Ferguson allegedly recommended and sold multiple redundant insurance policies and annuities to the customer’s family members, which were unsuitable for their financial goals or needs.
2. Filed March 20, 2023: Pending – Alleged Damages $210,000 – Customer alleges Ferguson provided financial planning services and recommended and sold multiple redundant fixed insurance policies and fixed annuities unsuitable for her financial goals or needs. The customer further alleges a life Insurance application dated 9/10/2007 contains a signature that is not hers.
3. Filed March 16, 2023: Pending – Alleged Damages $130,000 – Customer alleges Ferguson provided financial planning services and recommended and sold multiple redundant insurance policies and annuities unsuitable for their financial goals or needs.
4. Filed March 15, 2023: Pending – Alleged Damages $150,000 – Customer alleges Ferguson provided financial planning services. 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.
5. Filed June 1, 2020: 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.
6. Filed January 30, 2017: Settled for $38,670.11 – Customer alleged that she was advised to purchase a variable annuity from the proceeds of her 401K. She alleged that she didn’t need the costly annuity since the money is in an IRA and already growing tax-deferred. The customer requested the rescission of the annuity and 6% interest on her original investment since inception.
7. Filed July 11, 2013: 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.
8. Filed April 17, 2012: Settled for $32,411.12 – Customer alleged that incorrect or incomplete information was given to him regarding the 401k plan his company purchased.
9. Filed June 29, 2009: Settled for $29,292 – Customer alleged that with regard to the existing two variable life insurance policies that were purchased, 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.
10. November 20, 1997: Settled for $90,000 – Customer alleged that Ferguson recommended she cash in her low basis stocks and high-quality tax-exempt bonds to buy a high commission, high-risk