Ismael Reyes-Retana: $106K Complaint Against LPL Advisor

Laredo, Texas financial advisor Ismael Reyes-Retana (CRD# 3250007) recently received an investor complaint alleging that a variable annuity investment led to six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with LPL Financial, doing business as IBC Investment Services.

Mr. Reyes-Retana’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in February 2024, alleges that as a representative of LPL Financial, he failed to explain that a  variable annuity’s fixed allocation “was subject to [the] credit risk of [the] issuer.” The pending complaint alleges damages of $106,000.

An earlier investor complaint, filed in 2021, alleged that as a representative of IFMG Securities and LPL Financial, he “misappropriated funds that plaintiffs were entitled to as beneficiaries on an annuity purchased by their grandmother in 2007” and that he made misrepresentations to their grandmother about the annuity. In 2022 the complaint reached a settlement of $800,000.

A third investor complaint, filed in 2017, alleged that as an LPL Financial representative, he sold unsuitable variable annuity products. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $1,554,839.70.

IBC Investment Services’ website includes a profile of Mr. Reyes-Retana that describes his experience and approach. “[He] takes a personal approach to understanding client needs, and takes time to thoughtfully develop sound long-term strategies to help her clients pursue their financial goals and dreams,” it states. “He works closely with individuals and small business owners in Texas and Mexico, offering them comprehensive financial planning and investment services.”

According to the Financial Industry Regulatory Authority, Ismael Reyes-Retana holds 24 years of securities industry experience. Based in Laredo, Texas, he has been a broker and an investment advisor with LPL Financial since 2008, doing business as IBC Investment Services. His past registrations include IFMG Securities (Zapata, Texas; 2002-2008), UBS Painewebber (San Antonio, Texas; 2001-2002), and US Global Brokerage (San Antonio, Texas; 1999-2001). His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination,  or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, the District of Columbia, Florida, Illinois, Kansas, and Texas. (Information current as of March 30, 2024.)

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