Oil & Gas Complaints Against Walter Reyna: Ex-Lincoln Advisor

Walter Reyna (CRD# 1323478), a broker and investment advisor with J.W. Cole Financial, has received multiple investor complaints concerning investments in oil and gas securities. Financial Industry Regulatory Authority records show that he is based in McAllen, Texas and was formerly registered with Lincoln Financial Securities Corporation. He does business as an investment advisor with Walter J. Reyna Inc.

Mr. Reyna’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2022, alleges that as a representative of Lincoln Financial Securities Corporation, he recommended an unsuitable oil and gas investment. The pending complaint alleges unspecified damages believed to be greater than $5,000.

In a statement on the May 2022 pending complaint’s disclosure, Mr. Reyna wrote that “the product was suitable for my accredited client” and the time it was purchased. “The client signed all appropriate and required paperwork, acknowledging their understanding of the risks of the product,” he added, concluding: “I deny the allegations and look forward to the outcome confirming the appropriateness of the purchase.”

A second investor complaint, filed in April 2022, similarly alleges that he recommended an unsuitable oil and gas product while at Lincoln Financial Securities Corporation. This pending complaint also alleges unspecified damages of at least $5,000.

According to the Financial Industry Regulatory Authority, Walter Reyna holds 37 years of securities industry experience. Based in McAllen, Texas, he has been a broker with J.W. Cole Financial since 2022 and an investment advisor with Walter J. Reyna Inc. since 2011. His past registrations include Lincoln Financial Securities (McAllen, Texas; 1985-2002) and Jefferson Pilot Securities Corp. (McAllen, Texas; 1985-2007). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Uniform Securities Agent State Law Examination, or Series 63; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is licensed in Colorado, Florida, Nevada, and Texas. (Information current as of July 20, 2022.)

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