Philip Riposo: Investor Lawsuits

Broker Philip Riposo, United Planners, Update on Lawsuit Investigation

The White Law Group continues to investigate potential lawsuits involving former United Planners financial advisor Philip Riposo.

United Planners and Philip Riposo: FINRA Award

United Planners’ Financial Services of America, a rep-owned broker-dealer with 500 advisors and $22 billion in client assets, is facing mounting legal and regulatory costs tied to former advisor Philip Riposo. A FINRA arbitration panel recently awarded $346,000 in damages (plus interest) to clients Susan Cushing and Curtis Miller, who alleged negligence and supervisory failures related to Nationwide annuities and other securities.

Riposo, who was with the firm from 2015 to 2022, was reportedly fired but allegedly continued to solicit investments using fraudulent account statements. United Planners has already reportedly paid over $1 million in related penalties, including $1.06 million to Arizona clients and $168,000 in fines and restitution to Massachusetts clients. Riposo reportedly had a long career in the industry and died in June 2023. His alleged fraud, which reportedly spanned more than 30 years, came to light only after a client complaint.

United Planners Sanctioned by Massachusetts Securities Regulators

In October 2024, the Massachusetts Securities Division reportedly issued a Consent Order against United Planners’ Financial Services of America, citing failures in supervisory practices. The investigation revealed that United Planners did not adequately oversee the activities of former registered representative Philip Riposo, who allegedly misappropriated over $1 million from clients, including approximately $715,000 from Massachusetts residents. Riposo reportedly conducted this fraud through a business entity he operated, Riposo Asset Management, by creating fake invoices and account statements.?

United Planners reportedly admitted to the findings and agreed to the Consent Order, which mandates restitution to affected investors and the implementation of enhanced supervisory measures to prevent future misconduct.

Securities Regulators Bar Philip Riposo

The Financial Industry Regulatory Authority (FINRA) reportedly barred financial advisor Philip Riposo (CRD#: 400056) after allegations from his member firm, United Planners involving fake bank account statements.

On March 8, 2022, Riposo’s member firm, United Planners , disclosed that it had terminated Riposo on March 3, 2022, after he allegedly 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, Riposo’s Doing-Business-As (DBA) name, according to a Letter of Acceptance Waiver and Consent.

Philip Riposo: FINRA BrokerCheck

According to his FINRA BrokerCheck report, Riposo now has 12 customer complaints filed against him. He also two employment separations. He was reportedly affiliated with the following firms, among others, during his 47-year career in the securities industry:

12/07/2015 – 03/08/2022, UNITED PLANNERS’ FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER (CRD#:20804), CAVE CREEK, AZ,
03/04/2008 – 12/09/2015, CADARET, GRANT & CO., INC. (CRD#:10641), New Bedford, MA
01/10/2000 – 03/12/2008, LPL FINANCIAL CORPORATION (CRD#:6413), E. FALMOUTH, MA

FINRA Lawsuits to Recover Financial Losses

When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

Lawsuit Options: FINRA Arbitration vs. Class Action

Investors considering legal action may wonder whether a class action lawsuit or an individual FINRA arbitration claim is the better option. Typically:

• FINRA Arbitration is often more suitable for investors with losses exceeding $100,000.
• Class Action Lawsuits are usually pursued when numerous investors have small claims that are impractical to litigate individually.

About The White Law Group

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.  We represent investors in all 50 states including Arizona. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

Help for Investors

If you are concerned about investment losses with Philip Riposo, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

Frequently Asked Questions

1. What is the latest update on the Philip Riposo and United Planners lawsuit?
A FINRA arbitration panel recently awarded $346,000 in damages to two former clients of Philip Riposo, citing negligence and failure to supervise on the part of United Planners. This adds to over $1 million in fines and restitution already paid by the firm due to Riposo’s alleged misconduct, including fake account statements and client fund misappropriation.

2. Who is eligible to file a claim against United Planners or Philip Riposo?
Investors who worked with Philip Riposo—particularly those who were given false account statements or were misled into sending money to his business, Riposo Asset Management—may be eligible to file a claim. Even if Riposo is deceased, United Planners may still be liable for failing to properly supervise him.

3. What are my legal options if I lost money due to Philip Riposo’s misconduct?
You may be able to pursue a FINRA arbitration claim against United Planners for negligent supervision. FINRA arbitration is typically a faster, more efficient route than a class action, especially if your losses exceed $100,000. The White Law Group offers free consultations to help investors determine the best course of action.