Ismael Reyes-Retana Allegedly Misappropriated Funds

Ismael Reyes-Retana (CRD #: 3250007), a broker registered with LPL Financial is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on April 26, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On February 27, 2024, an investor alleged that Ismael Reyes-Retana failed to explain that fixed allocation in an annuity was subject to the credit risk of the issuer. The investor is seeking $106,000. 

On September 29, 2021, complainants alleged that following the death of their grandmother, Ismael Reyes-Retana misappropriated funds that they were entitled to as beneficiaries on an annuity. The complainants further alleged that he made misrepresentations to their grandmother that the annuity was safe and would generate 50% annual returns. They are seeking $800,000. 

There is an arbitration award from 2017 ordering LPL Financial to pay investors $1.5 million following allegations that Ismael Reyes-Retana violated Texas State Securities Statutes and Texas Business and Commerce Codes. They further alleged unjust enrichment and unsuitable investment recommendations. 

You can read a copy of the arbitration award here. 

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Misappropriation, unjust enrichment, and other violations of securities rules violate this rule. 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

Background Information 

Ismael Reyes-Retana has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination
• Series 26 Investment Company Products / Variable Contracts Principal Examination 

He is a registered broker in five states and D.C. He is a registered investment adviser in Texas. 

Ismael Reyes-Retana has registered with the following firms: 

• LPL Financial (CRD #: 6413) 
• IFMG Securities (CRD #: 14416) 
• UBS Painewebber (CRD #: 8174) 
• U.S. Global Brokerage (CRD #: 44721) 

Kurta Law Can Help 

If you have worked with Ismael Reyes-Retana and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.