Joseph Patrick Roop (also known as Joe Pat Roop) of Belmont North Carolina a stockbroker formerly registered with Kalos Capital Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $25,000.00 in damages based upon accusations that the customer received unsuitable investment recommendations from Roop concerning real estate securities, stocks and alternative investments during the time that Roop was associated with Kalos Capital. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-04001 (Jan. 18, 2021).
Roop has been referenced in nine more customer initiated investment related disputes containing allegations of his violative conduct during the time that he was employed by Kalos Capital, Banc of America Investment Services and Wells Fargo Advisors. FINRA Public Disclosure confirms that Roop is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $52,500.00 in damages supported by accusations of the stockbroker’s bad margin use causing the Wells Fargo customer to incur damages. The claim also alleges that Roop provided bad investment advice at Wells Fargo.
Another customer initiated investment related complaint regarding Roop’s conduct was settled for $25,000.00 in damages founded on allegations that excessive trades were executed in the customer’s account by the stockbroker and that there were omissions and misrepresentations concerning options and closed end fund transactions at Banc of America Investment Services.
On February 4, 2019, a different customer initiated investment related FINRA securities arbitration claim involving Roop’s conduct was resolved for $90,000.00 in damages based upon accusations of business development company investments and real estate securities being sold by the stockbroker during a time that he lacked stockbroker registration in Alabama. FINRA Arbitration No. 18-03317. The claim also alleges that Roop placed the customer in unsuitable investments.
Roop is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $175,000.00 in damages supported by allegations that the customer was sold unsuitable alternative investments including real estate securities and oil and gas investments because of Roop at Kalos Capital. FINRA Arbitration No. 19-01140 (May 5, 2020).
On May 13, 2020, another customer initiated investment related complaint involving Roop’s conduct was resolved for $17,500.00 in damages founded on accusations that there was no due diligence undertaken prior to real estate securities and direct investments being sold by the stockbroker at Kalos Capital. According to the complaint, the customer had been placed into risky and unsuitable investments. The complaint also alleges that omissions and misrepresentations had been made by the stockbroker in reference to GPB Capital Holdings.
Roop is the subject of a different customer initiated investment related complaint on September 21, 2020 where the customer sought $10,000.00 in damages supported by allegations that they were not made aware that their investment was illiquid.
On July 22, 2019, Roop’s stockbroker registration was terminated from Kalos Capital, and his investment adviser representative registration was terminated by Kalos Management. He has been registered with Dempsey Lord Smith LLC as a stockbroker since July 22, 2019 and as an investment adviser representative since October 18, 2019.
