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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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FiverrLossesSmallIn April 2022, when GWG Holdings, Inc. filed for a Chapter 11 bankruptcy, it left 27,000 investors wondering if the “L Bonds” they were holding were now worthless. If you’re one of those investors, you may be able to recover some of your losses, but you should get an attorney who specializes in recovering clients’ investments to help you. Continue reading ›

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GWG Investors around the nation are still reeling from the recent news that GWG Holdings, Inc. and some of its subsidiaries filed for a Chapter 11 bankruptcy. GWG, a financial services company, owes $1.6 billion in “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market, with promises that the investors would make a profit from gains made after policyholders had died. An estimated 27,000 investors invested with GWG—for an average of $45,000 each. But all is not necessarily lost, as investors pursue various ways to recover their investments including claims against the selling brokerage firms.GWG Investors around the nation are still reeling from the recent news that GWG Holdings, Inc. and some of its subsidiaries filed for a Chapter 11 bankruptcy. GWG, a financial services company, owes $1.6 billion in “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market, with promises that the investors would make a profit from gains made after policyholders had died. Continue reading ›

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Securitiesfraudattorneys.comSecuritiesfraudattorneys.com is pursuing investor claims relating to the recent Chapter 11 bankruptcy filing by GWG Holdings, Inc. and some of its subsidiaries. With its web presence as Securitiesfraudattorneys.com, Silver Law Group’s attorneys are knowledgeable about both the law and facts necessary to help their clients recover their investments. GWG, a financial services company, created “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market. Investors believed that they would profit off of the policies once policyholders had died. But GWG has now filed bankruptcy and said it owes $1.6 billion in the “L Bonds.” An estimated 27,000 investors invested with GWG—for an average of $45,000 each.  However, some investors lost substantially more and some brokers overconcentrated their clients in the bonds. is pursuing investor claims relating to the recent Chapter 11 bankruptcy filing by GWG Holdings, Inc. and some of its subsidiaries. With its web presence as Securitiesfraudattorneys.com, Silver Law Group’s attorneys are knowledgeable about both the law and facts necessary to help their clients recover their investments. Continue reading ›

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If you are one of the estimated 27,000 investors who purchased L Bonds from GWG, you may be unsure of how to respond to the news that GWG Holdings, Inc. and some of its subsidiaries recently filed for a Chapter 11 bankruptcy. The company is estimated to have $1.6 billion in debt. As an investor, you have options for trying to recover your investment, and it’s important to consider which are the most likely to help you recoup your investment. While L Bond investors will be included as creditors in the Chapter 11 proceeding, it’s unlikely that this will result in a substantial repayment of your investment. Instead, you may receive pennies-on-the-dollar. Therefore, your best bet for recovery may be through a Financial Industry Regulatory Authority (FINRA) arbitration. FINRA is a government-authorized not-for-profit organization that oversees U.S. broker-dealers. Investors can request either mediation or arbitration to resolve a dispute between the investor and a broker-dealer or their firm. FINRA proceedings tend to be resolved much more quickly, and at less expense, than traditional lawsuits. If you are one of the estimated 27,000 investors who purchased L Bonds from GWG, you may be unsure of how to respond to the news that GWG Holdings, Inc. and some of its subsidiaries recently filed for a Chapter 11 bankruptcy. The company is estimated to have $1.6 billion in debt. As an investor, you have options for trying to recover your investment, and it’s important to consider which are the most likely to help you recoup your investment. Continue reading ›

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Silver Law Group represents investors who are facing financial losses due to the recent Chapter 11 bankruptcy filing by GWG Holdings, Inc. and some of its subsidiaries. Silver Law’s clients include those who purchased GWG’s “L Bonds,” financial instruments that GWG had created and were then sold by unscrupulous broker-dealers. GWG was pooling investors’ money to buy life insurance policies on the secondary market, with GWG promising that investors—buyers of the L Bonds—would see a profit when the policyholders died. However, even before GWG’s bankruptcy, the Securities and Exchange Commission (SEC) was rumored to be investigating the company. Silver Law Group represents clients in petitions with Financial Industry Regulatory Authority (FINRA), a government-authorized not-for-profit organization that oversees U.S. broker-dealers. Silver Law is also requesting arbitrations to resolve disputes between its clients and the broker-dealers who sold the GWG investments.Silver Law Group represents investors who are facing financial losses due to the recent Chapter 11 bankruptcy filing by GWG Holdings, Inc. and some of its subsidiaries. Silver Law’s clients include those who purchased GWG’s “L Bonds,” financial instruments that GWG had created and were then sold by unscrupulous broker-dealers. 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

Continue reading ›

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