Joseph Patrick Roop (also known as Joepat Roop) of Belmont North Carolina a stockbroker formerly employed by Kalos Capital Inc. has been identified in a customer initiated investment related written complaint which was resolved for $17,500.00 in damages on January 29, 2020 founded on accusations that the customer was placed into unsuitable real estate securities and direct investments by Roop while the stockbroker was employed by Kalos Capital Inc.
According to the claim, there was inadequate due diligence with regard to an investment strategy that had been recommended to the customer. The claim alleges omissions and misrepresentations relating to GPB Capital Holdings and Cottonwood securities which were purchased for the customer’s account as part of the strategy that Roop pushed.
Roop has been identified in seven additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed with securities broker dealers including Banc of America Investment Services, Wells Fargo Advisors and Kalos Capital. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related arbitration claim in reference to Roop’s conduct was resolved for $52,500.00 in damages based upon accusations of bad options and equities transactions that were effected in the Wells Fargo customer’s account by Roop.
Another customer initiated investment related complaint involving Roop’s conduct was settled for $25,000.00 in damages based upon allegations that misrepresentations and omissions had been made to the customer concerning closed end funds and options sold by Roop during the time that the stockbroker was associated with Banc of America. Roop is the subject of another customer initiated investment related arbitration claim which was settled for $90,000.00 in damages founded upon accusations that the Kalos Capital customer had been placed into business development company securities by Roop and that transactions were executed during a period that the stockbroker lacked registration in the State of Alabama. FINRA Arbitration No. 18-03317 (Feb. 4, 2019).
On July 8, 2019, another customer filed an investment related arbitration claim concerning Roop’s activities where the customer sought $450,000.00 in damages founded on accusations that the Kalos Capital customer was steered by Roop into alternative investments including real estate investment trusts and oil and gas securities which failed to be suitable for the customer and which generated investment losses. FINRA Arbitration No. 19-01140.
Roop’s registration with Kalos Capital has been terminated as of July 22, 2019. Since then, he has been associated with Dempsey Lord Smith.