Unsuitability.

$700,000.00

Breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence and breach of contract.

Breach of regulatory requirements, breach of fiduciary duty and negligence.

Customers allege that financial professional converted their funds to his own personal benefit and broker dealer failed to detect and prevent financial professional's actions.

$57,500.00

Breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence, breach of contract and negligence.

Breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence and breach of contract.

FINRA

Without admitting or denying the findings, Riposo consented to the sanction and to the entry of findings that he failed to appear for on-the-record testimony requested by FINRA in connection with an investigation into the circumstances giving rise to his termination from his member firm. The findings stated that Riposo’s firm filed a Uniform Termination Notice of Securities Industry Registration (Form U5) on his behalf, disclosing that it had terminated his association with the firm after he 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’s DBA name.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

4/18/2022

Annuities are the account types alleged that the client desired the firm's help in recovering funds thought to be invested with Mr. Riposo after his termination.

$5,000.00

$118,059.00

IRA/Roth are the account types alleged that the client desired the firm's help in recovering funds thought to be invested with Mr. Riposo after his termination.

$5,000.00

$28,523.00

UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER

Discharged

United Planners prohibits Financial Professionals from creating and distributing fictitious statements to clients. Mr. Riposo was found and admitted to creating and providing clients with fictitious statements from Zurich Kemper Investments. Additionally, United Planners does not allow Financial Professionals to receive checks from clients made payable to their Doing-Business-As (DBA) name. Mr. Riposo was found and admitted to receiving and depositing checks from clients made out to Riposo Asset Management (his DBA) that were used for personal expenses.

The Client alleged that there was unauthorized trading in his account on January 28th, 2022. Upon investigation, the firm discovered that the alleged account did not exist and that the representative instead appeared to have misappropriated the client's funds.

$5,000.00

$319,928.00

Client is alleging unsuitable investments

ALLEGED FAILURE TO PROPERLY INSTRUCT HER ON TAX CONSEQUENCES AS AN IRA BENEFICIARY OF A DECEASED CLIENT.

$70,000.00

I met with the complaining beneficiary, her accountant and all other beneficiaries in a meeting in Augusta, Maine. All tax issues and taxability were discussed. Client, without my knowledge liquidated her IRA directly with the insurance company. It wasn't until 1-2 months later I even knew she had voluntarily liquidated. My Broker-Dealer and the State of Maine Insurance Dept. dismissed this complaint without merit and no action taken in any way.

PHILIP A. RIPOSO/SECURITIES AMERICA

Permitted to Resign

RETAINING PRE-SIGNED, HELD FOR FUTURE ACTION, WITHDRAWAL FORMS FOR CLIENT IN CLIENT FILE. THIS WAS AT THE CLIENTS REQUEST. THIS WAS A SECURITIES AMERICA POLICY, IN HOUSE INFRACTION.

I ORIGINALLY REQUESTED A VOLUNTARY RESIGNATION THE WEEK PRIOR TO 11/4/99. SECURITIES AMERICA RESPONDED THAT DUE TO A RECENT OFFICE AUDIT OF 10/14/99 AN IN-HOUSE INFRACTION OF RETAINING CLIENT, PRE-SIGNED WITHDRAWAL FORMS, EVEN IF BY CLIENT REQUEST WAS NOT ALLOWED. SECURITIES AMERICA REQUESTED I RESUBMIT A "PERMITTED TO RESIGN" WITH A NOTATION OF THE IN-HOUSE POLICY INFRACTION.

UNAUTHORIZED/ NON-DISCUSSED STOCK TRADING W/ CLIENT

$25,000.00

$21,991.25

NO ACTIONS TAKEN UPON ME BY ARBITRATION, NYSE, ETC BACKPAID COMMISSION PAID BACK TO CLIENT I PAID $5,000 AS ASKED BY MERRILL LYNCH FOR `IN-HOUSE ACCOUNTABILITY`. [THIRD PARTY] OF MERRILL WILL ATTEST THAT I AND THE FIRM WERE SET UP BY THIS IRANIAN FAMILY. ACCOUNT HAD NO LOSSES & WAS PROFITABLE BY $23,000 WHEN ACCOUNT WAS TRANSFERRED TO DEAN WITTER. ([THIRD PARTY] -MGR - 315-424-1600).