Philip Riposo: Complaints Against Riposo Asset Management Advisor

Philip Riposo (CRD# 400056), a financial advisor formerly associated with United Planners Financial Services, was recently barred over findings he refused to cooperate with an investigation into his conduct. Financial Industry Regulatory Authority records show that he was most recently registered as a broker in Cave Creek, Arizona, where he did business as Riposo Asset Management.

According to a Letter of Acceptance, Waiver, and Consent (No. 2022074280901) issued in April 2022, FINRA sent Mr. Riposo a request on March 9, 2022 to appear for testimony connected to its investigation into the underlying circumstances in his recent termination from United Planners. As the AWC Letter notes, the firm disclosed that it terminated his association “after Riposo 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 Asset Management.”  The AWC Letter states further that he failed to appear for testimony on the requested date, and when FINRA sent him a second request for testimony, he “again failed to appear.” FINRA found that these failures to appear constituted violations of FINRA Rules 8210 and 2010. The regulator consequently barred him from associating with any FINRA member firm in any capacity.

Mr. Riposo’s BrokerCheck report also lists several investor complaints. The most recent, filed in April 2022, alleges unspecified misconduct related to annuity investments at Uniter Planners Financial Services. The pending complaint alleges unspecified damages exceeding $5,000. A second investor complaint, filed in March 2022, alleged that as a United Planners representative, he engaged in unspecified misconduct relating to IRA/ROTH accounts. The complaint reached a settlement of $28,523.

According to the Financial Industry Regulatory Authority, Philip Riposo holds 47 years of securities industry experience. He was most recently based in Cave Creek, Arizona as a representative of United Planners Financial Services, doing business as Riposo Asset Management. His past registrations include Cadaret Grant & Company, LPL Financial, Seucrities America, Walnut Street Securities, AdVest, E.F. Hutton & Company, Prudential-Bache Securities, Merrill Lynch, IDS Life Insurance Company, IDS Marketing Corporation, and Investors Diversified Services. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Representative Examination, or Series 1; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66\. Having been barred by FINRA, he is not currently licensed as a broker in any US state. (Information current as of August 14, 2022.)

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