DEMPSEY LORD SMITH & JOE PAT ROOP

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:

DEMPSEY LORD SMITH, LLC.(Respondent)

The Claimant is a resident of North Carolina. The lawsuit states that the Claimant maintained an investment relationship with the Respondent and their former Financial Advisor, Joe Pat Roop. Joe Pat Roop is not named in this lawsuit.

According to FINRA’s BrokerCheck, Joe Pat Roop, has 14 disclosures on his FINRA CRD Report, which includes a recent regulatory sanction. The lawsuit alleges that the Respondent understood that the Claimant did not want to take any unnecessary risks with his savings. The lawsuit alleges the Respondent and Financial Advisor placed the Claimant in a speculative investment for $49,980. This speculative investment was Four Springs Capital Trust. The lawsuit further alleges that the Claimant was told it would provide a steady income and principal protection. However, the Claimant has suffered unnecessary losses to his savings that cannot be replaced of approximately $49,980.00.

The lawsuit alleges; Breach of Fiduciary Duty, Violation of NASD and NYSE Rules, Breach of Contract, Negligent Supervision and Negligence.

According to Bloomberg, Four Springs Capital Trust operates as a real estate investment trust (REIT). The Company focuses on acquiring, owning, and managing a portfolio of single-tenant, income producing retail, industrial, medical, and other office properties, as well as offers developer partnership programs.

JOSEPH PATRICK ROOP, according to FINRA’s BrokerCheck, was previously registered both as a broker and a financial advisor.  Joe Pat Roop has been in the securities industry for 25 years and was listed with 7 firms. He has 14 disclosures on his FINRA report.  Of the 14 disclosures 13 are “Customer Disputes.” Some of the allegations in the complaints that were settled in part were, unsuitable investments, over-concentrated recommendations, failure to conduct reasonable due diligence and recommending an investment strategy comprised of speculative and unsuitable securities, and unsuitable equity products, to name a few. 

The significance of Joe Pat Roop’s FINRA Customer Complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, and only .41% had been the subject of 3 or more customer complaints. In other words Joe Pat Roop’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

Roop was with DEMPSEY LORD SMITH, LLC, of Belmont, North Carolina from 07/22/2019 to 09/21/2021.  He was with KALOS CAPITAL, INC., also of Belmont, North Carolina from 04/01/2009 to 07/22/2019.  He is currently not registered.

If you’ve experienced financial losses due to the actions or recommendations of DEMPSEY LORD SMITH, LLC, of Belmont, North Carolina and/or their previously registered representative, Joe Pat Roop, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.