FINRA bars registered rep who failed to cooperate with investigation

On Behalf of | Apr 28, 2022 | Financial Advisor Misconduct

A financial advisor who was recently discharged by his firm has now been barred by the Financial Industry Regulatory Authority, InvestmentNews reports.

FINRA said it took the action against Philip Riposo of New Bedford, Massachusetts after he failed to cooperate with its investigation into his discharge. Riposo was a registered representative with United Planners Financial Services of America from December 2015 until he was terminated last month. The firm said Riposo was found and 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, his DBA, or doing-business-as, name. Both practices are prohibited by the firm, which said that Riposo used the checks he deposited in his DBA for personal expenses.

According to FINRA’s letter of acceptance, waiver and consent, the authority twice requested that Riposo appear for testimony about the case in a video conference, but that he failed to appear both times in violation of FINRA Rules 8210 and 2010.

Rule 8210 requires members to testify at a location specified by FINRA staff on any matter involved in an investigation, complaint, examination or proceeding. Rule 2010 requires members to “observe high standards of commercial honor and just and equitable principles of trade.”

Without admitting or denying the findings, Riposo consented to a bar from associating with any FINRA member in all capacities. He had been registered with 10 different firms during his 47 years in the securities industry.

The attorneys at Lewitas Hyman have the experience to guide and advise you through any type of regulatory investigation. We were formally senior attorneys in the SEC’s Division of Enforcement who have represented clients in regulatory matters while working at Morgan Stanley and in private practice at some of the world’s largest law firms. If you are the subject of a regulatory proceeding, contact Lewitas Hyman at  (312) 291-4600 or through our online contact form for a free consultation.

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