FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

Posted on April 29th, 2022 at 1:34 PM
FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has barred a former advisor, Philip Riposo, for failing to cooperate with the regulator’s investigation. 

Riposo, who worked for United Planners Financial Services, was fired after he admitted to designing and furnishing clients with fictitious account statements, according to settlement documents. Riposo additionally deposited checks made out to Riposo Asset Management, his doing-business-as name. After his termination from United Planners Financial Services in March, Riposo failed to appear for an on-the-record testimony facilitated by FINRA, which violated industry rules. 

FINRA requested Riposo’s video conference testimony on two occasions and Riposo failed to appear either time. According to Riposo’s BrokerCheck profile, United Planners does not permit advisors “to receive checks from clients made payable to their” doing-business-as names.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.


Tags: eccleston law, FINRA, Massachusetts

Return to Archive



I cannot thank you enough for your efforts. You have proven to be a valuable resource

Jim T.


May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.


May 15, 2024
NFA Issues Order Against Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.