Last Updated:March 2024 (Cave Creek, AZ)
Philip Riposo Investigation Summary
Here’s what you need to know about Cave Creek, AZ, stockbroker Philip Riposo:
- Name: Mr. Philip Anthony Riposo
- Current Employer: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
- DBA: Riposo Asset Management
- Previous Firms: United Planners Financial Services, Cadaret, Grant & Co., LPL Financial
- Function: Former Stock Broker/ Financial Advisor
- Aliases: Philip Riposo
- Primary Location: Cave Creek, AZ
- CRD 400056
- Can Philip Riposo be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Employment terminated by prior employer: Yes
- Highest Settlement : $118,059
- 6 Pending Customer Disputes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Philip Riposo As Your Stockbroker?
FINRA barred Philip Riposo from the securities industry in 4/2022 after learning that he had been terminated by United Planners Financial Services in 3/2022 for creating and providing clients with fictitious statements from Zurich Kemper Investments and depositing checks from clients made out to his DBA Riposo Asset Management and then using the funds for personal expenses.
Riposo discloses six currently pending customer complaints (FINRA arbitrations) seeking unspecified damages and alleging various causes of action, including misappropriation of customer funds.
In 7/2022 a customer of United Planners was paid $118,059 to resolve allegations that Riposo took funds from a customer who thought he was investing in an annuity.
See this for our prior investigations of cases involving Annuities
In 2022 a customer of United Planners was paid $28,523. According to the CRD “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..”
Early in Riposo’s career in 1982 a cutomer of Merrill Lynch was paid over $21,000 to resolve allegations of excessive trading and unauthorized trading.
Allegations of Broker Misconduct Against Philip Riposo
Customers of Philip Riposo have alleged the following wrongdoing in connection with the handling of customer accounts:
- Violations of the RICO Act
- Churning (excessive trading)
- Unsuitable Investments
- Failure to provide proper tax advice to beneficiary of a deceased client
- Gross Negligence
- Unauthorized Trading
- Diverting client funds to personal use
Other Cases Involving Unauthorized Trading
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Investigation of LPL Financial and LPL Brokers
If you have suffered investment losses in an account handled by Philip Riposo, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
