Were you the victim of former United Planners’ Financial Services Of America A Limited Partner broker Philip Riposo (CRD# 400056)? He was registered with United Planners’ Financial Services Of America A Limited Partner in Cave Creek, Arizona, from 2015 to 2022, when he was terminated regarding, “United Planners prohibits Financial Professionals from creating and distributing fictitious statements to clients. Mr. Riposo was found and admitted to creating and providing clients with fictitious statements from Zurich Kemper Investments. Additionally, United Planners does not allow Financial Professionals to receive checks from clients made payable to their Doing-Business-As (DBA) name. Mr. Riposo was found and admitted to receiving and depositing checks from clients made out to Riposo Asset Management (his DBA) that were used for personal expenses.
Previously, he was registered with Cadaret, Grant & Co., Inc. in New Bedford, Massachusetts, from 2008 to 2015, with LPL Financial Corporation in E. Falmouth, Massachusetts, from 2000 to 2008, and with Securities America, Inc. in Lavista, Nevada, from 1997 to 1999, when he was terminated regarding, “Retaining pre-signed, held for future action, withdrawal forms for client in client file. this was at the clients request. this was a Securities America policy, in house infraction.”
In April 2022, FINRA barred him after he, “consented to the sanction and to the entry of findings that he failed to appear for on-the-record testimony requested by FINRA in connection with an investigation into the circumstances giving rise to his termination from his member firm. The findings stated that Riposo’s firm filed a Uniform Termination Notice of Securities Industry Registration (Form U5) on his behalf, disclosing that it had terminated his association with the firm after 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.”
Philip Riposo Customer Complaints
He has been the subject of 12 customer complaints between 1982 and 2024, three of which were closed without action, according to his CRD report. The most recent complaints were regarding:
January 2024. “Breach of regulatory requirements, breach of fiduciary duty and negligence.” The case is currently pending. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner.
October 2023. “Negligence, fraud, violations of the Racketeer Influenced and Corrupt Organizations act, and breach of fiduciary duty.” The case is currently pending. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner, LPL Financial LLC, and Cadaret, Grant & Co., Inc.
October 2023. “Customers allege that financial professional converted their funds to his own personal benefit and broker dealer failed to detect and prevent financial professional’s actions.” The case is currently pending. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner, LPL Financial LLC, and Cadaret, Grant & Co., Inc.
October 2023. “Claimants allege representative misappropriated client funds, and that representative provided clients with fictitious account statements during the time period 2000-2022.” The case is currently pending. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner, LPL Financial LLC, and Cadaret, Grant & Co., Inc.
September 2023. “Breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence, breach of contract and negligence.” The case is currently pending. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner.
August 2023. “Breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence and breach of contract.” The case is currently pending. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner.
April 2022. “Annuities are the account types alleged that the client desired the firm’s help in recovering funds thought to be invested with Mr. Riposo after his termination.” The customer sought $5,000 in damages, and the case was settled for $118,059. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner.
March 2022. “IRA/Roth are the account types alleged that the client desired the firm’s help in recovering funds thought to be invested with Mr. Riposo after his termination.” The customer sought $5,000 in damages, and the case was settled for $28,523. The complaint took place while he was registered with United Planners’ Financial Services Of America A Limited Partner.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, United Planners’ Financial Services Of America A Limited Partner may be liable for investment or other losses suffered by Philip Riposo’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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