United Planners’ Financial Services of America Complaints & Broker Misconduct
The White Law Group reviews the regulatory history of United Planners’ Financial Services of America. If you have suffered losses investing with United Planners’, The White Law Group may be able to help you through FINRA Arbitration.
United Planners’ Financial Services of America (CRD# 20804) is a Scottsdale, Arizona–based independent broker-dealer that offers a wide range of investment products, including mutual funds, variable annuities, private placements, and alternative investments. The firm operates under a rep-owned model and has reportedly grown to include hundreds of advisors and tens of billions in client assets.
While United Planners markets itself as a flexible platform for independent financial advisors, the firm has also faced regulatory scrutiny, FINRA sanctions, and investor complaints tied to supervisory failures and broker misconduct.
Regulatory History and FINRA Sanctions
October 2026 SEC Order – Leveraged and Inverse ETFs
On October 30, 2026, the SEC reportedly censured United Planners and ordered it to pay a $600,000 civil penalty over leveraged and inverse exchange-traded funds held in advisory client accounts. The firm did not admit the findings.
The SEC’s order involves 54 clients of former advisor Cary Edward Urich between April 2020 and November 2023. Many of these clients were elderly or retired. They allegedly lost about 70% of the money invested in these funds, on average.
According to the order, the firm:
- Allegedly learned of concerns about high concentrations and long holding periods in March 2020, considered limits, and took no action
- Allegedly did no meaningful suitability review between April 2020 and June 2022
- Concluded in November 2022 that the funds were unsuitable for these clients and stopped new purchases, but did not require existing positions to be sold
June 2022 FINRA Sanction – GPB Capital Sales
In June 2022, the Financial Industry Regulatory Authority reportedly censured and fined United Planners $40,000 and ordered the firm to pay $37,125 in restitution (plus interest) to affected investors.
According to FINRA, between May and June 2018, the firm:
- Sold GPB Holdings II, a private placement tied to GPB Capital Holdings
- Raised approximately $450,000 from four investors
- Failed to disclose material information, including that GPB had not timely filed required audited financial statements with the SEC
FINRA found that this omission was significant and should have been disclosed to investors prior to the sale.
2012 FINRA Sanction – Variable Annuity Supervision Failures
United Planners was also reportedly censured and fined $200,000 by FINRA for supervisory failures related to variable annuity sales.
Regulators found that:
- Supervisors were permitted to approve their own transactions, creating conflicts of interest
- The firm’s post-transaction review system was inadequate
- There was a lack of meaningful guidance, procedures, and oversight
Variable annuities—insurance products whose returns depend on market performance—are often scrutinized due to:
- High commissions
- Complexity
- Potential for unsuitable recommendations to investors
Massachusetts Regulatory Action (2024)
In October 2024, the Massachusetts Securities Division issued a Consent Order against United Planners, citing failures in supervision related to former broker Philip Riposo.
The investigation found:
- United Planners failed to adequately oversee Riposo’s activities
- Riposo allegedly misappropriated over $1 million from clients
- Approximately $715,000 was taken from Massachusetts investors
The firm agreed to:
- Provide restitution to affected investors
- Implement enhanced supervisory procedures
Broker Misconduct and Customer Complaints
Like many independent broker-dealers, United Planners has faced issues tied to individual advisor misconduct, which can expose investors to significant risk when supervision is lacking.
Broker Misconduct Allegations
-
Cary Urich – A former advisor sued by the SEC in October 2026 for allegedly holding leveraged and inverse ETFs for an average of 798 days in the accounts of mostly elderly clients. Urich did not admit the allegations and agreed to a proposed judgment that still needs court approval.
- Aaron Sevigny – The subject of multiple customer complaints, including pending January 2026 arbitration claims alleging violations of federal securities laws, including Section 10(b) and Rule 10b-5. These claims typically involve allegations of misrepresentation, unsuitable investment recommendations, and supervisory failures.
- Philip Riposo – A former advisor who was barred by Financial Industry Regulatory Authority after allegedly misappropriating client funds and providing fictitious account statements. His conduct has resulted in multiple customer complaints, regulatory action, and arbitration awards against the firm, including a recent $346,000 FINRA award tied to failure to supervise.
What Investors Should Know
The regulatory history and broker misconduct allegations tied to United Planners raise several concerns:
- Supervisory failures have been cited by both FINRA and state regulators
- The firm has been involved in alternative investment sales (GPB Capital) with disclosure issues
- Cases like Philip Riposo highlight risks of off-platform transactions and fraud schemes
- Ongoing complaints against brokers such as Aaron Sevigny suggest continued exposure to investor claims
Recovering Investment Losses Through FINRA Arbitration
Investors who suffered losses due to:
- Broker misconduct
- Unsuitable investment recommendations
- Failure to supervise
- Fraud or misrepresentation
may be eligible to recover damages through FINRA arbitration.
FINRA arbitration is a private dispute resolution forum where investors can bring claims against brokerage firms like United Planners for financial losses.
Contact a Securities Fraud Attorney
If you invested with United Planners and suffered losses, you may have legal options.
At The White Law Group, our attorneys represent investors nationwide in FINRA arbitration claims involving:
- Unsuitable investments
- Private placement losses
- Broker fraud and misrepresentation
Contact us today for a free consultation to discuss your potential recovery options. Please call 888-637-5510.
FAQs- United Planners’ Financial Services
United Planners is an independent broker-dealer offering investment products such as mutual funds, annuities, and private placements through a network of financial advisors.
