Joseph Patrick Roop (also known as JoePat Roop), of Belmont, NC, a stockbroker registered with Dempsey Lord Smith LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $220,000.00 in damages based upon allegations that Roop was negligent, breached his fiduciary duties, made misrepresentations of material fact, and breached a contract in connection with the recommendation and sale of GPB Capital Holdings LLC when Roop was associated with Dempsey Lord Smith LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-02665 (November 21, 2022).
FINRA Public Disclosure shows that Roop has been referenced in twelve other customer initiated investment related disputes concerning Roop’s conduct while associated with securities broker dealers, including Kalos Capital Inc.
Roop was referenced in a complaint that was settled on May 13, 2020, for $17,500.00 in damages based upon allegations that Roop failed to perform due diligence and made unsuitable recommendations of direct investments and real estate securities, including GPB Capital Holdings LLC.
On January 18, 2021, a FINRA securities arbitration claim involving Roop’s conduct was settled for $25,000.00 in damages based upon allegations that Roop made unsuitable recommendations and overconcentrated the customer’s accounts in alternative investments, stocks, and real estate securities. FINRA Arbitration No. 20-04001.
Roop was also referenced in a complaint that was settled on April 27, 2021, for $14,999.00 in damages based upon allegations that Roop made unsuitable recommendations, breached a contract, and breached his fiduciary duties in connection with the sale of oil and gas investments, real estate securities, and business development companies. The complaint also alleges that the securities broker dealer failed to supervise Roop’s activities.
On August 5, 2021, another customer filed an investment related complaint involving Roop’s conduct in which the customer requested compensation based upon allegations that Roop made unsuitable recommendations of real estate securities.
Roop was also referenced in a FINRA securities arbitration claim that was settled for $37,500.00 in damages based upon allegations that Roop made unsuitable recommendations of direct investments. FINRA Arbitration No. 22-00856 (September 27, 2022).
On February 2, 2022, Roop was fined $12,500.00 by North Carolina Securities Division because Roop engaged in unauthorized trading when he was associated with Kalos Capital Inc. North Carolina Securities Division Consent Order No. 21 SOS 05351/21ADMO002. The regulator alleged that Roop engaged in trading without a power of attorney, failed to properly maintain records, and received commissions for trades he placed in the account of customers residing outside of North Carolina.
Roop was associated with Kalos Capital Inc. in Belmont, NC, as a stockbroker from April of 2009 to July of 2019, and associated with Dempsey Lord Smith LLC in Belmont, NC, as a stockbroker from July of 2019 to September of 2021.
