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

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