Last Updated: April 2024 (Laredo, Texas )
Ismael Eradio Reyes Retana Investigation Summary
Here’s what you need to know about Laredo, Texas, stockbroker Ismael Eradio Reyes Retana:
- Name: Mr. Ismael Eradio Reyes Retana
- Current Employer: LPL Financial LLC
- Previous Firms: IFMG Securities, UBS PaineWebber, IBC Investment Services
- Function: Stock Broker/ Financial Advisor
- Aliases: Ismael Eradio Reyesretana
- Primary Location: Laredo, Texas
- CRD 3250007
- Can Ismael Eradio Reyes Retana be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest settlement or award: $1,554,839
- Pending Customer Dispute Seeks Damages of $106,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Ismael Eradio Reyes Retana As Your Stockbroker?
Ismael Eradio Reyes Retana has a FINRA arbitration panel award against him and two customer complaints for alleged broker misconduct. One of the complaints has been settled and the other is currently pending.
In 4/2017 customers of Retana’s employer, LPL Financial, filed an arbitration asserting breach of contract and warranties, violation of Texas State Securities Statutes, negligent supervision, unjust enrichment, violations of FINRA rules and other causes of action in connection with the recommendation to invest in non-traded real estate investment trusts (REIT, follow link for information on alternative investments).That matter was resolved in 11/2019 when an arbitration panel in Houston, Texas, ordered his employer LPL Financial to pay compensatory damages of $864,839, attorney fees of $340,000, additional damages of $350,000 under Texas Business and Commercial Code Section 17.50(b)(1). FINRA Case 17-00904.
In 7/2022 customer’s of Retana’s prior employers, IFMG Securities and LPL Financial, were paid an $800,000 settlement to resolve allegations that Ismael E. Reyes Retana misappropriated funds from an annuity which had improperly been sold to their grandmother.
In 2/2024 a customer of LPL Financial filed a customer dispute alleging that Reyes Retana failed to explain that the fixed allocation in a annuity was subject to the credit risk of the issuer. Damages of $106,000 are sought in this currently pending matter.
Allegations of Broker Misconduct Against Ismael Eradio Reyes Retana
Customers of Ismael Eradio Reyesretana have alleged the following wrongdoing in connection with the handling of customer accounts:
- Breach of Contract and Warranties
- Violation of Texas State Securities Statutes
- Violation of Texas Business and Commerce Codes
- Violation of consumer protection statutes
- Negligent Misrepresentations
- Unjust Enrichment
- Unsuitable Investment Recommendations
- Violations of FINRA Rules
- Misappropriation of Funds
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Investigation of LPL Financial and LPL Brokers
If you have suffered investment losses in an account handled by Ismael Eradio Reyes Retana, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
