The Arizona Corporation Commission ordered respondent, Scottsdale-based United Planners Financial Services of America (UPFS), to pay $1,059,823 in restitution and a $50,000 administrative penalty for failing to discover fraudulent activity conducted by one of its registered securities salesmen.
The Commission found the late Philip A. Riposo of Cave Creek, a securities salesman who worked for United Planners Financial Services of America from December 2013 through March 2022, stole money from 24 of his clients and issued them fake financial statements to conceal the fraud. Despite examinations by UPFS, the salesman’s fraudulent activity was not uncovered until one of Riposo’s clients filed a complaint against him. At that point the fraudulent scheme was uncovered, with Riposo admitting to engaging in the scheme for more than 30 years.
The ACC brought action against Riposo in 2023; Riposo passed away before any decision was concluded in the case.
In settling this matter, UPFS neither admitted nor denied the Commission’s finding and agreed to the entry of the consent order.