Elias Reyna: Suitability Complaint Against Centaurus Advisor

Merced, California financial advisor Elias Reyna (CRD# 3028584) recently received an investor complaint alleging that his advice resulted in losses. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Centaurus Financial, doing business as Reyna Wealth Management.

Mr. Reyna’s BrokerCheck report discloses one investor complaint. Filed in September 2024, it alleges that as a representative of Centaurus Financial, he recommended unsuitable variable annuity and corporate bond investments and breached his fiduciary duty. The pending complaint alleges damages of $30,000.

In a statement included with the pending complaint’s disclosure, Mr. Reyna wrote that he “vehemently” denied the claim and argued that the allegations are meritless. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after her review of all material documentation related to the investment,” he explained further. “The customer confirmed in writing that they not only received the requisite investment documentation/disclosures, but that she fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

According to the Financial Industry Regulatory Authority, Elias Reyna holds 25 years of securities industry experience. Based in Merced, California, he has been registered as a broker and an investment advisor with Centaurus Financial since 2017, doing business as Reyna Wealth Management. His past registrations include Securities America, Princor Financial Services Corporation, State Farm VP Management, Financial Network Investment Corporation, Guaranty Brokerage Services, Linsco/Private Ledger Corporation, Capital Brokerage Corporation, and Painewebber. His credentials include the passage of four securities industry qualifying exams: 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 Investment Adviser Law Examination, or Series 65. He is licensed in California. (Information current as of October 12, 2024.)

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