Joseph Roop Investigation
December 2021- 2020 – Belmont, NC
The FINRA records of Joseph Patrick Roop, a currently unregistered broker who was last employed by Dempsey Lord Smith and Kalos Capital, disclose 11 prior customer disputes and a pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
The cases settled with former customers of Roop include:
In 4/2021 a customer of Kalos Capital, Inc. was paid $14,999 to resolve allegations that he was sold unsuitable investments in oil & gas, business development companies and real estate investments.
In 1/2021 a customer of Kalos Capital, Inc. was paid $25,000 to resolve allegations that he was sold unsuitable investments and that his portfolio was over concentrated with direct investments.
In 3/2020 a customer of Kalos Capital, Inc. was paid $17,500 to resolve allegations that Roop failed to conduct due diligence and recommended speculative and unsuitable securities by offering Cottonwood and GPB Capital Holdings.
In 5/2020 a customer of Kalos Capital, Inc. was paid $175,000 to resolve allegations that Roop recommended unsuitable REITs from 11/2021-5/2017.
In 10/2018 a customer of Kalos Capital, Inc. was paid $90,000 to resolve allegations of unsuitable investments and sale of securities by a rep that was not property registered in the State of Alabama.
Between 8/2010 and 1/2014, three Bank of America Investment Services customers were paid a total of $115,500 to resolve allegations including misrepresentation, omission of material facts, excessive trading, unsuitable investments by Roop.
In 2/2009 and in 6/2009, two customers of Wachovia Securities were paid a total of $141,000 to resolve allegations that included unsuitable options trading.
Joseph Patrick Roop was employed with Dempsey Lord Smith from 7/2019-9/2021. Before that he was with Kalos Capital from 4/2009 until 7/2019.
If you have questions about an account handled by Joseph Patrick Roop call for a no charge consultation to learn more about your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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