Former Customers of Ex-United Planners’ Financial Services Broker Philip Riposo Sue For Damages
Breach of Fiduciary Duty, Gross Negligence Alleged
Shepherd Smith Edwards and Kantas Failure to Supervise Attorneys (investorlawyers.com) are investigating claims of portfolio losses by former customers of fired United Planners’ Financial Services broker Philip Anthony Riposo. The broker-dealer terminated his registration with the firm in 2022 following allegations that Ripopo set up and distributed fictitious financial statements to clients.
Riposo, who is now deceased, admitted to giving clients bogus statements from Zurich Kemper Investments and receiving/depositing checks made out to his Riposo Asset Management (his DBA name) from customers. The misappropriated funds were used for his own expenses. Riposo’s investment fraud allegedly went on for more than 30 years.
Even after his firing from United Planners’ Financial Services, the former broker allegedly kept soliciting investments while using fraudulent accounts. Also in 2022, the Financial Industry Regulatory Industry (FINRA) barred him from the industry.
Philip Riposo’s CRD notes that he worked 47 years in the industry and he also was a registered investment adviser. Former customers have already filed a dozen investor disputes, most of them since 2022.
As Riposo’s most recent broker-dealer of record, United Planners’ Financial Services has been having to pay investors who were harmed by his fraudulent actions. This includes, in April 2025, $346,000 in damages and interest awarded by a FINRA arbitration panel to two investors for alleged failure to supervise and negligence.
Last year, the Massachusetts Securities Division cited United Planners’ Financial Services for its supervisory practices, including purportedly neglecting to properly oversee Philip Riposo. The state regulator accused him of misappropriating more than $1M from clients, including about $715K from Massachusetts residents. Most of these victims were seniors over the age of 65.
Already, United Planners’ Financial Services has agreed to pay more than $1M in restitution to clients defrauded by Riposo in a settlement reached with the Arizona Corporation Commission. It also consented to pay $168,000 in fines and restitution in the settlement reached with the Massachusetts Securities Division.
What Should You Do If You Are Someone Who Was Defrauded By Ex-United Planners’ Financial Services Broker Philip Riposo?
Contact the Shepherd Smith Edwards and Kantas Failure to Supervise Attorneys today. You may have grounds for an investment loss recovery claim against United Planners’ Financial Services. Broker-dealers have a duty to properly oversee customers’ accounts and identify red flags indicating when one of their financial advisors is engaged in any kind of wrongdoing, including stealing investors’ funds.
Our failure to supervise attorneys who have been representing investors against negligent brokerage firms for decades. We know how to determine whether an investor has grounds for a securities claim and, if they do, how to maximize their chances for financial recovery in arbitration, mediation, or litigation.
But first, in order to assess the cause of your losses, we would have to take a look at your investment priorities, your investing experience, your account activity, what your broker told you about the total losses incurred, and how the losses happened.
Call our Failure to Supervise Attorneys at (800) 259-9010 or fill out this contact form today to schedule your free, initial case consultation.