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



If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.


June 23, 2022
Former Credit Suisse Advisor Prevails in Deferred Compensation Claim

A former Credit Suisse advisor has prevailed on a $2.2 million arbitration claim after alleging that the firm improperly withheld his deferred compensation when it discontinued its U.S. brokerage business in 2015. 

June 23, 2022
Eccleston Law LLC Investigates Recovery Options for NRIA Investors

Headquartered in Secaucus, NJ, National Realty Investment Advisors (NRIA) recently declared bankruptcy amid investor redemption requests, federal and state investigations, and unsustainable debt.

June 22, 2022
SEC Charges Three Additional Advisors for Recommending Horizon Ponzi Scheme to Investors

The Securities and Exchange Commission (SEC) has filed suit against Michael Mooney, Britt Wright, and Penny Flippen pertaining to their engagement with a Ponzi scheme, which raised at least $110 million from nearly 400 investors.