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Articles Posted in Stockbroker Misconduct

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Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners' Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Philip Riposo was terminated from United Planners on 3/3/2022 after the firm discovered that he was accepting and depositing client checks made out to the name of his “Doing Business As” name (DBA), Riposo Asset Management. Additionally, Philip Riposo also created fictitious account statements and provided them to the clients from whom he received money for his DBA. The firm prohibits both activities. Upon investigation by United Planners, Riposo admitted to both, and was subsequently terminated. United Planners issued a Uniform Termination Notice of Securities Industry Registration (Form U5) on 3/8/2022, detailing the reasons for termination. FINRA began its own investigation on 3/9/2022, requesting that Riposo appear for on-the-record testimony via videoconference on two occasions. The first was 3/15/2022, in which Riposo failed to appear, as well as the second, 3/28/2022. Riposo failed to appear on both occasions, violating FINRA Rules 8210 and 2010.Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Continue reading ›

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Christopher Passero (Christopher John Passero CRD# 2517681) is a registered broker and investment advisor who is currently registered with Money Concepts Capital Corp (CRD#: 12963) of Hurricane, West Virginia. He was previously employed with Emissary Financial Group, Inc. (CRD#:44568) of Mentor, OH, and Money Concepts Capital Corp (CRD#:12963) of Palm Beach Gardens, FL. He has been in the industry since 1994. Most brokers and investment advisors want their clients to do well and make money. They help by offering recommendations and guidance on the best courses of action. But if those clients lose money, most brokers aren’t authorized to help compensate them for losses. REIT Customers While at Money Concepts Capital (“MCC,” 2006 through 2008) Passero recommended investments in a real estate investment trust, known as a REIT. In 2010, that REIT re-stated its value, reducing its share price and the amount of dividends paid to customers every month, with the final payments made in August of 2018. Following the dividends and distributions they received, many sustained losses.Christopher Passero (Christopher John Passero CRD# 2517681) is a registered broker and investment advisor who is currently registered with Money Concepts Capital Corp (CRD#: 12963) of Hurricane, West Virginia. He was previously employed with Emissary Financial Group, Inc. (CRD#:44568) of Mentor, OH, and Money Concepts Capital Corp (CRD#:12963) of Palm Beach Gardens, FL. He has been in the industry since 1994. Continue reading ›

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According to FINRA Disciplinary actions for June 2022, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Robin Auguste   J.P. Morgan Securities LLC
  Yang Liang   NYLife Securities LLC
  Daniel Motola
  William Nicoloff, Jr.   Boustead Securities, LLC
  Bentley Securities Corporation
  Gregory Williams   Forta Financial Group, Inc.
  Morgan Stanley Smith Barney

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According to FINRA Disciplinary actions for June 2022, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Dalila Costa-Leroy   Spartan Capital Securities, LLC
  National Securities Corporation
  Carlos Guzman   U.S. Bancorp Investments, Inc.
  Fifth Third Securities, Inc.
  Michael Leahy   First Standard Financial Company LLC
  Alexander Capital, L.P.
  Henry Moore   LPL Financial LLC
  Summit Brokerage Services, Inc.
  Michael Muratore   Benchmark Investments, LLC
  LPL Financial LLC
  Scott Reynolds   Avatar Securities, LLC
  Spartan Securities Group, Ltd.
  James Shelburne   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

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According to FINRA Disciplinary actions for June 2022, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Kyleigh Haynes   Northwestern Mutual Investment Services, LLC
  Grant Hebeisen   U.S. Bancorp Investments, Inc.
  Ameriprise Financial Services, Inc.
  Carl Ippolito   Pruco Securities, LLC
  Eagleview Securities, Inc.
  Jaime Quintero   American Independent Securities Goup, LLC
  AFA Financial Group, LLC
  J-waun Smiley   Morgan Stanley
  Charles Schwab & Co., Inc.
  John Sommo   UBS Financial Services Inc.
  Wells Fargo Advisors, LLC
  Albert Tejada   Northwestern Mutual Investment Services, LLC

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Silver Law Group is representing and filing claims on behalf of multiple investors who lost money on GWG Holdings L Bonds. These “alternative investments” were marketed to retirees looking for a safe and stable form of income. The illiquid, non-traded investments were sold by licensed financial representatives and their brokerage firms. Securitiesfraudattorneys.com is lead by Scott Silver, Esq, a leading investor advocate, chair of the securities fraud group of AAJ and a frequent commentator, author and lecturer on avoiding Ponzi schemes and prosecuting securities fraud cases. After a series of events including an SEC investigation, GWG Holdings was unable to make its interest payments on January 15, 2022, totaling $10.35 million and principal payments totaling $3.25 million. The company also ceased sales of the L Bonds on January 10, 2022, and ultimately declared Chapter 11 bankruptcy in April of 2022. This left investors stranded. They can’t sell the bonds. L Bonds investors are now left wondering what will happen, and if they’ll ever get any money back. Because the GWG L Bonds were private investments, they were never intended for average investors, especially retirees. Knowing that these investments were likely unsuitable, or over-concentrating a portfolio in these risky investments, your broker, investment advisor, and their firms may be liable for your losses.Silver Law Group is representing and filing claims on behalf of multiple investors who lost money on GWG Holdings L Bonds. These “alternative investments” were marketed to retirees looking for a safe and stable form of income. The illiquid, non-traded investments were sold by licensed financial representatives and their brokerage firms. Securitiesfraudattorneys.com is lead by Scott Silver, Esq, a leading investor advocate, chair of the securities fraud group of AAJ and a frequent commentator, author and lecturer on avoiding Ponzi schemes and prosecuting securities fraud cases. Continue reading ›

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Silver Law Group is representing GWG Holding L Bonds investors.  GWG stopped paying dividends in January, 2022. GWG then suspended sales of the L Bonds. Following the company’s Chapter 11 bankruptcy in April, investors are wondering if they will be able to recover any of their money from this company. GWG’s L Bonds were very risky investments that the company should have only recommended to sophisticated institutional investors that had a high tolerance for risk. Many of the L Bond investors were retirees looking for a stable and secure income source. The L Bonds were totally unsuitable for retirees with a more conservative investment objective who were interested in their principal being kept safe. Unfortunately, these investors were sold a risky, illiquid investment by brokers and their firms who failed in due diligence before recommending these L Bonds. What An Investor Can Do to Recover GWG Losses While you may recover something from GWG’s bankruptcy, it’s a long wait and a long shot that most of the principal will be recovered. The company’s Chapter 11 is a reorganization, and it may be many months before they release any information about what happens next.Silver Law Group is representing GWG Holdings L Bonds investors. GWG stopped paying dividends in January, 2022. GWG then suspended sales of the L Bonds. Following the company’s Chapter 11 bankruptcy in April, investors are wondering if they will be able to recover any of their money from this company. Continue reading ›

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Arkady Ginsburg (CRD:#5256747) is a registered broker who is currently employed with Aegis Capital Corp. (CRD#:15007) of New York, NY. He was previously employed with Rockwell Securities LLC (CRD#:142483) of New York, NY, and S.W. Bach & Company (CRD#:43522) of Port Washington, NY. He has been in the industry since 2006. Scott Hananel (CRD:#3080827) is a previously registered broker last employed with Aegis Capital Corp. (CRD#:15007) of Melville, NY,  Gunnallen Financial, Inc (CRD#:17609) of Farmingdale, NY, and Milestone Group Management LLC (CRD#:44486) of Lake Success, NY. He has been in the industry since 1998. Both brokers worked for Aegis and suspended by FINRA for similar allegations. Ginsburg has only one customer dispute, filed on 2/12/2018. The customer alleged “unauthorized trading and unsuitable investment recommendations.” The client requested damages of $32,398.00, and the firm settled the claim for $12,635.22.Arkady Ginsburg (CRD:#5256747) is a registered broker who is currently employed with Aegis Capital Corp. (CRD#:15007) of New York, NY. He was previously employed with Rockwell Securities LLC (CRD#:142483) of New York, NY, and S.W. Bach & Company (CRD#:43522) of Port Washington, NY. He has been in the industry since 2006. Continue reading ›

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Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. LPL Financial discharged Mandel on 1/19/2022 for “selling away.” He allegedly solicited both firm and non-firm customers to invest in a company not approved by LPL Financial. He failed to notify the firm of his intentions as well as request the firm’s approval in writing. Mandel was briefly associated with Randy Neumann Wealth Management after LPL Financial. This firm discharged him a few days after LPL Financial, on 1/22/22, due to the allegations. FINRA began an investigation into Mandel’s activities and determined that he had solicited many customers for an investment into a tequila production company. Some of the customers were from LPL Financial, some were not.Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. Continue reading ›

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