Philip Riposo Investigation
July 2022-Scottsdale, AZ
According to publicly available records Philip Riposo a former broker who last worked for United Planners’ Financial Services, discloses a final regulatory matter resulting in a permanent bar from the industry, 5 prior customer disputes, a pending customer dispute and 2 terminations from employment.
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.
In 4/2022 FINRA permanently barred Riposo from the industry to resolve allegations that he failed to appear for on-the-record testimony requested by FINRA during the course of an investigations into allegations that he was terminated after allegations that he was found and admitted to creating and providing clients with fictitious account statements, as well as receiving and depositing checks from clients made out to Riposo’s DBA name.
In 3/2022, a United Planners customer requested help in recovering funds thought to be invested with Riposo after his termination. The case settled for $28,523 with all of the amount paid by Riposo individually.
In 2/1983 a customer of his former employer Merrill Lynch was paid $21,991 to resolve allegations that Riposo excessively traded their account and made unauthorized trades.
In 4/2022, a United Planners customer desired the firm’s help in recovering funds thought to be invested with Riposo after his termination. This case is pending.
In 3/2022, Riposo was discharged from United Planners’ Financial Services of America, who alleged that Riposo was found and admitted to creating and providing clients with fictitious statements from Zurich Kemper Investments as well as receiving and depositing checks from clients made out to his dba, Riposo Asset Management, which were used for his personal expenses.
If you have suffered losses in an account handled by Philip Riposo, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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