The Financial Industry Regulatory Authority Inc. said Monday it had barred a registered rep who failed to cooperate with its investigation. The rep, Philip Riposo, was "discharged," meaning fired, last month by his firm, United Planners Financial Services of America, after he admitted to creating and providing clients with fictitious account statements, according to the Finra settlement.
According to Finra, Riposo, a 47-year veteran of the securities industry, who was registered with 10 different firms over that time, also deposited checks from clients made out to Riposo Asset Management, his DBA, or doing-business-as, name.
Riposo, who was registered with United Planners Financial Services of America from December 2015 to this March, failed to appear for on-the-record testimony requested by Finra, according to the settlement, which is a violation of industry rules.
Finra twice requested his video conference testimony and Riposo didn't give it either time. He agreed to Finra's findings in the settlement without admitting or denying them.
United Planners does not allow reps or advisers “to receive checks from clients made payable to their” DBA names, according to Riposo's BrokerCheck profile.
A call Tuesday morning to his firm, Riposo Asset Management in New Bedford, Massachusetts, could not be completed.
"There was no stealing or lawsuits involved," Riposo's attorney, Mark D. Chester, said Tuesday morning. "It was one dumb thing he did. As part of the settlement, he walked away."
Having led the division of enforcement since 2021, Grewal's tenure included record penalties against firms for securities-law violations.
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