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.
Following his failure to appear, FINRA indefinitely barred Philip Riposo from association with any FINRA member in any capacity. Riposo signed the Letter of Acceptance, Waiver & Consent (AWC) on 4/1/2022, and FINRA counsel signed it on 4/18/2022, implementing the bar.
Following his discharge from United Planners, two clients filed disputes related to their investments with Riposo:
- On 4/8/22, a client requested assistance with recovering funds believed to be invested in annuities through Riposo. The client requests damages of $5,000. This claim is currently pending.
- On 3/16/2022, a client requested assistance with recovering funds believe to be invested in IRA and Roth through Riposo. The client requested damages of $5,000, and the claim was settled for $28,523.00.
Another customer dispute filed on 3/1/2022 for $5,000 with allegations of unauthorized trading was closed with no action.
Did You Invest With Philip Riposo?
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