JOEPAT ROOP Suitability Disputes

Kalos Broker Joepat Roop Allegedly Sold Unsuitable BDCs, REITs

Soreide Law Group wants to know if you sustained losses through investing with Joseph Patrick “Joepat” Roop (CRD#: 2774470, Belmont, North Carolina). Roop is a securities broker who joined Dempsey Lord Smith, LLC in July 2019 after a 10-year stint at Kalos Capital. Notably, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck reports that 7 or more clients took issue with his sales practices. Apparently, Roop’s clients suggest that he sold unsuitable and misrepresented investments which generated losses for their accounts. Here’s more on some of these alarming disputes:

Kalos Client Suggests Joepat Roop Sold “Unsuitable Investments”

First of all, a client of Kalos Capital filed FINRA Arbitration Claim  #: 19-01140 on May 1, 2019. First of all, the client alleged that Joepat Roop’s alternative securities transactions were not suitable. It appears that these investments, which include REITs and oil & gas securities, were not compatible with the client’s investment profile between November 2012 and May 2017. Supposedly, these investments were too risky for the client. Apparently, the client demanded $450,000 in compensation to resolve this matter. Apparently, this matter is ongoing.

Kalos Settles Client Lawsuit Over Roop’s Purportedly Unsuitable BDCs

Secondly, a Kalos Capital client filed a FINRA Arbitration Claim #: 18-03317 on October 2, 2018. Mainly, the client stressed that Joepat Roop’s real estate security and business development company (“BDC”) sales were not suitable. Not only that, but the client alleged that Roop was not registered in Alabama when he sold the BDCs or real estate securities. For this reason, Kalos Capital opted to settle this matter by paying the client $90,000.

Banc of America Client Suggests Joepat Roop Misrepresented Investments, Breached Fiduciary Duty

Thirdly, a client of Banc of America took aim at Joepat Roop upon filing a 2014 complaint. Allegedly, Roop misrepresented facts or concealed information about options and closed end funds. Also, the client alleged that Roop excessively traded. Eventually, Banc of America paid that client $25,000 to put the matter to rest.

Banc of America Investor Indicates Roop Deceived Client

Moreover, a client of Banc of America filed FINRA Arbitration Claim #: 11-00288. Notably, the client suggested that Joepat Roop breached a fiduciary duty and even violated terms of a contract with regard to various equities and options transactions. Supposedly, the broker convinced the client to agree to securities transactions by deceptively misrepresenting information. Evidently, Banc of America paid the client $135,000 to settle.

Did Joepat Roop Sell You Unsuitable Investments?

Experienced losses due to Joepat Roop? If so, contact Soreide LawGroup at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.