Philip Anthony Riposo of Cave Creek, Arizona, a stockbroker formerly registered with United Planners’ Financial Services of America, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to cooperate with a FINRA investigation concerning allegations of his creation of fake account statements for customers of United Planners’ Financial Services of America. Letter of Acceptance, Waiver, and Consent No. 2022074280901 (April 18, 2022).
According to the AWC, FINRA initiated an investigation into Riposo following Riposo’s termination as a stockbroker from United Planners’ Financial Services of America. The AWC states that Riposo was terminated based upon accusations that he admitted to having created fake account statements that he sent to his customers. He allegedly admitted to depositing checks that customers wrote out to Riposo Asset Management.
The AWC states that Riposo was required to cooperate with FINRA’s investigation, and this called for him to appear and testify about the allegations his former employer made about him. Riposo was supposed to testify, but he did not make an appearance. The regulator sent a second request to Riposo, but Riposo did not respond.
The regulator states that Riposo violated FINRA Rules 2010 and 8210.
Riposo has been identified in six customer initiated investment related disputes containing accusations of his conduct when he was registered with securities broker-dealers, including Cadaret Grant Co. Inc., Merrill Lynch, and United Planners’ Financial Services of America. FINRA Public Disclosure shows that Riposo is the subject of a customer initiated investment related NYSE arbitration claim which was settled for $21,991.25.00 in damages based upon allegations of unauthorized and excessive trades by Riposo when he was employed by Merrill Lynch.
Another customer filed an investment related complaint regarding Riposo’s activities in which the customer requested $70,000.00 in damages founded on allegations that the customer was not properly instructed by Riposo at Cadaret Grant about tax consequences relating to a variable annuity. Riposo is also the subject of a customer initiated investment related written complaint on May 8, 2017, where the customer sought compensatory damages supported by accusations of unsuitable investments, including a variable annuity by Riposo at Cadaret Grant Co.
On March 1, 2022, another customer filed an investment related complaint concerning Riposo’s conduct in which the customer requested $5,000.00 in damages based upon allegations of unauthorized trading of exchange-traded funds by Riposo while he was associated with United Planners’ Financial Services.
Riposo is also referenced in a customer initiated investment related written complaint which was settled for $28,523.00 on March 28, 2022, founded on accusations of damages relating to funds invested through Riposo following his termination from United Planners’ Financial Services. On April 8, 2022, a different customer filed an investment related complaint involving Riposo’s conduct where the customer sought compensatory damages concerning annuities products sold through Riposo.
Riposo was registered with United Planners’ Financial Services between December 7, 2015, and March 8, 2022.
