Did You Lose Money Investing with Philip Riposo?
Philip Riposo (CRD #: 400056) has been barred by FINRA, according to his BrokerCheck record, accessed on August 14, 2023. Details regarding this regulatory action are provided below.
According to the Acceptance, Waiver, and Consent agreement (AWC) dated April 18, 2022, Philip Riposo was barred by FINRA after allegedly failing to appear for testimony on two separate occasions. FINRA requested Philip Riposo appear for testimony regarding the circumstances giving rise to his termination from United Planners.
By allegedly failing to appear for on-the-record testimony requested by FINRA, Philip Riposo allegedly violated FINRA Rule 8210 and FINRA Rule 2010.
- FINRA Rule 8210 requires registered brokers to respond to FINRA requests for testimony.
- FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 8210 are also violations of Rule 2010.
You can read a copy of the AWC here.
Investor Dispute
On April 8, 2022, an investor alleged that they wanted the firm’s help recovering money from annuities that Philip Riposo recommended. The dispute settled for $118,059.
Employment Termination
According to a disclosure filed on March 3, 2022, United Planners’ Financial Services of America fired Philip Riposo following allegations that he created and provided clients with fictitious statements from Zurich Kemper Investments. He also allegedly received checks from clients that were made out to his DBA name, Riposo Asset Management. He allegedly used those checks to pay for personal expenses.
FINRA Rule 2210
FINRA Rule 2210 states that all retail communications with the public must be based on principles of fair dealing and good faith, must be fair and balanced, and must provide a sound basis for evaluating the facts in regard to any particular security or type of security. Additionally, these communications must be approved by the firm.
FINRA Rule 2150
FINRA Rule 2150 prohibits the improper use of investors’ funds. Receiving checks for personal use may violate this rule.
Background Information
Philip Riposo has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Series 7TO General Securities Representative Examination
- SIE – Securities Industry Essentials Examination
- Series 1 Registered Representative Examination
- Series 24 General Securities Principal Examination
He has registered with the following firms:
- United Planners’ Financial Services of America, A Limited Partner (CRD #: 20804)
- Cadaret, Grant & Co (CRD #: 10641)
- LPL Financial Corporation (CRD #: 6413)
- Securities America (CRD #: 10205)
- Walnut Street Securities (CRD #: 15840)
- Cadaret, Grant & Co. (CRD #: 10641)
- Cadaret Grant & Co. (CRD #: 16404)
- Advest, Inc. (CRD #: 10)
- Prudential-Bache Securities (CRD #: 7471)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #: 7691)
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 572)
- IDS Life Insurance Company (CRD #: 6321)
- IDS Marketing Corporation (CRD #: 6363)
- Investors Diversified Services (CRD #: 6320)
Kurta Law Can Help
If you worked with Philip Riposo and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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