National investment loss lawyers KlaymanToskes is investigating barred broker Philip Riposo (CRD# 400056) of Riposo Asset Management and United Planners’ Financial Services, who has been permanently barred from acting as a broker by the Financial Industry Regulatory Authority (“FINRA”), following his refusal to produce on-the-record testimony as requested by FINRA. Riposo is currently involved in three pending customer complaints alleging Breach of regulatory requirements, breach of fiduciary duty, and negligence.
FINRA’s investigation of Riposo involves the circumstances giving rise to his termination from United Planners’ Financial Services of America. According to FINRA BrokerCheck, Philip Riposo was previously registered with United Planners’ Financial Services of America, from 2015 to 2022 in Cave Creek, AZ.
Investors that suffered losses with broker Philip Riposo are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, barred broker Philip Riposo is currently involved in several customer complaints. The complaints allege breach of fiduciary duty and negligence, in addition to other violations of securities rules and regulations. On March 8, 2022, United Planners filed a Uniform Termination Notice of Securities Industry Registration (Form U5), disclosing that the firm had terminated Riposo after he admitted to creating and providing clients with fictitious account statements, in addition to receiving and depositing checks from clients made out to Riposo Asset Management, Riposo’s Doing-Business-As (“DBA”) name. Riposo was permanently barred from acting as a broker by FINRA in April 2022.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Philip Riposo, or have concerns regarding your investment portfolio at Riposo Asset Management, United Planners’ Financial Services, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.