Cadaret Grant Annuity Problems Continue
Philip Anthony Riposo of New Bedford Massachusetts a stockbroker formerly employed by Cadaret Grant Co. Inc. is referenced in a customer initiated investment related written complaint on May 8, 2017 in which the customer requested damages estimated to exceed $5,000.00 supported by accusations that transactions were executed in the customer’s variable annuity that were not appropriate for the customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Riposo is referenced in two more customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was associated with Cadaret Grant Co. and Merrill Lynch Pierce Fenner Smith Co. Specifically, a customer initiated investment related arbitration claim involving Riposo’s conduct was settled for $21,991.25 in damages based upon accusations that transactions were placed in the customer’s account without Riposo having discussed them with the customer, and unauthorized transactions were effected in the customer’s account.
Moreover, a customer filed an investment related complaint concerning Riposo’s conduct where the customer sought $70,000.00 in damages founded on allegations that omissions had been made to the customer concerning the tax consequences of taking distributions from a variable annuity investment.
FINRA Public Disclosure also confirms that Riposo was terminated from prior employer, Securities America, supported by accusations that Riposo utilized blank but otherwise unsigned or incomplete account documents to effect transactions for customers. Riposo’s registration with Cadaret Grant Co. was terminated on December 9, 2015. Since December 7, 2015, Riposo has been registered with United Planners’ Financial Services of America A Limited Partner.
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