ARIZONA NEWS

Scottsdale financial services company ordered to repay more than $1M for salesman’s fraud

Jul 10, 2024, 7:16 AM

stock image of somebody looking at a tax form that has "scam" written across it, next to a calculat...

A Scottsdale financial services company was ordered to pay over $1 million in restitution after one of its registered securities salesmen committed fraud, state regulators announced July 9, 2024. (Pexels Photo)

(Pexels Photo)

PHOENIX — A Scottsdale financial services company has to pay over $1 million after one of its registered securities salesmen was found to have committed fraud, state regulators announced Tuesday.

The Arizona Corporation Commission (ACC) ordered United Planners Financial Services of America (UPFS) to pay $1,059,823 in restitution and a $50,000 administrative penalty for failing to discover the scheme.

UPFS neither admitted nor denied the state regulatory board’s findings while agreeing to the consent order.

The late Philip A. Riposo of Cave Creek, who worked for UPFS from December 2013 through March 2022, allegedly stole money from 24 clients and covered it up with fake financial statements.

Despite UPFS oversight, Riposo’s scheme wasn’t discovered until a client filed a complaint against him, regulators said.

The ACC said he admitted to engaging in the fraudulent activity for 30 years.

Regulators brought action against Riposo last year, but he died before the case concluded.

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Scottsdale financial services company ordered to repay more than $1M for salesman’s fraud