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HomeNewsJoseph Patrick Roop's Crimes Exposed (2024)

Joseph Patrick Roop’s Crimes Exposed (2024)

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Based in Charlotte, Joseph Patrick “JoePat” Roop is an accomplished financial planner who manages Belmont Capital Advisors and works closely with wealthy clients. JoePat asserts that he has dedicated his professional life, with over thirty years of experience, to helping individuals and families create financial plans and reach their financial goals.

A well-rounded approach to portfolio management, encompassing stocks, bonds, mutual funds, pension plans, and insurance services, is highly valued by JoePat. Experts in the field, he and his team are always searching for tax-advantaged opportunities to optimise retirement income. JoePat is able to give his clients excellent financial advice and doable things they can do to ensure their financial destiny because of his extensive knowledge and expertise.

He also states that, since then, he has worked as an investment adviser for major banks and investment companies, such as MassMutual, Legg Mason, and Prudential. In 1992, he started working in finance at Merrill Lynch as an intern while still in college. Joe Pat spent a number of years working in a corporate environment before deciding to start his own boutique investment company. In the spring of 2009, he founded Belmont Capital Advisors, Inc. to provide a more customised and targeted financial experience for his clients.

What exactly is the case about?

Joseph Roop is the focus of a customer complaint that was filed on October 2, 2018, according to FINRA Reports that Alan Rosca, an attorney for investor rights, is reviewing. The complaint alleges that Roop made inappropriate investments and sold commodities while he was allegedly not properly registered in the State of Alabama.

The lawsuit requests a $100,000 damage award and states that the allegedly unlawful investments took place between January 2011 and July 2014, according to FINRA.

Alan Rosca of Rosca Scarlato LLC, a law company, is looking into Joseph Roopa’s alleged inappropriate behaviour.  Investors who think they could have lost money in transactions involving Joseph Roopa’s claimed inappropriateness are urged to get in touch with lawyer Alan Rosca with any relevant details or to have a free, no-obligation conversation about their possibilities.

Claims Joepat Roop, a Kalos Broker, Sold Inappropriate BDCs and REITs

Kindly notify Soreide Law Group if you had any losses due to investments made with Joseph Patrick “Joepat” Roop (CRD#: 2774470, Belmont, North Carolina). In July 2019, Joseph Patrick Roop, a securities broker for ten years at Kalos Capital, started working at Dempsey Lord Smith, LLC. Interestingly, BrokerCheck from the Financial Industry Regulatory Authority (“FINRA”) shows that at least 7 clients expressed dissatisfaction with his sales tactics. According to reports, Roop’s clients allege that he sold investments that were inappropriate and deceptively advertised, losing their money. Here’s more information regarding a couple of them concerning disputes:

Joepat Roop is presented with “unsuitable investments” by a client of Kalos.

First and foremost, one of Kalos Capital’s clients filed FINRA Arbitration claims, claiming that Joepat Roop’s alternative securities transactions were inappropriate. These assets, which comprised REITs and oil and gas stocks between November 2012 and May 2017, don’t seem to fit the client’s investment style. The investor purportedly thought these investments were unduly hazardous. The consumer reportedly asked for $450,000 in damages to address this issue.

A client lawsuit against Roop over allegedly inappropriate BDCs is settled by Kalos.

Additionally, a Kalos Capital client filed FINRA Arbitration claims on October 2, 2018. The client highlighted as the main reason for the inappropriateness of Joepat Roop’s sales of business development companies (“BDC”) and real estate security.

Furthermore, the client asserted that at the time of the transactions, Joseph Patrick Roop was not permitted to sell securities or BDCs backed by real estate in Alabama. For this reason, Kalos Capital chose to pay the client $90,000 in order to resolve the conflict.

Customer recommendations for Banc of America Joepat Roop breached fiduciary duty by misrepresenting investments.

Thirdly, a Banc of America client filed a complaint against Joseph Patrick Roop in 2014. Roop is accused of fabricating information or hiding facts on closed-end funds and options. Furthermore, according to the client, Roop traded excessively. Ultimately, Banc of America settled the matter by giving the client $25,000.

Joseph Patrick Roop allegedly deceived a client at Banc of America, according to an investor.

The client of Banc of America additionally filed FINRA Arbitration Claims. Notably, the client alleged that Joseph Patrick Roop had broken fiduciary and contractual duties in relation to several stock and options transactions. It is claimed that the broker used false information manipulation to persuade the customer to approve transactions in securities. Evidently, Banc of America settled with the client for $135,000.

In a FINRA securities dispute resolution claim pertaining to investments that were settled for $25,000.00 in damages, customer Joseph Patrick Roop (also known as Joe Pat Roop), of Belmont, North Carolina, a stockbroker who was previously registered with Kalos Capital Inc., is accused of providing him with inappropriate real estate investment advice.

In a written client complaint about investments, Joseph Patrick Roop of Belmont, North Carolina, a former employee of Kalos Capital Inc., was named. The lawsuit was settled on January 29, 2020, for a sum of $17,500.00 in damages. It was claimed that Roop personally and inappropriately urged the customer to invest in unsuitable real estate transactions and investments while working as a stockbroker for Kalos Capital Inc.

The complaint claims that insufficient investigation was done into the customer’s suggested investment strategy. The claim makes accusations of inaccuracies and misleading representations regarding GPB Capital Holdings, Cottonwood, and the stocks bought for the customer’s account as part of the scheme that Joseph Patrick Roop promoted.

Regarding allegations of inappropriate behaviour during the stockbroker’s employment by securities broker-dealers such Banc of America Investment Services, Wells Fargo Advisors, and Kalos Capital, Roop has been named in seven other customer-initiated financial disputes. According to the Financial Industry Regulatory Authority’s (FINRA) Public Disclosure, a customer-initiated investment-related dispute resolution claim regarding Roop’s conduct was settled for $52,500.00 in damages. The claims were based on allegations that Joseph Patrick Roop executed poor options and equity investments in the Wells Fargo customer’s account.

The customer is dissatisfied with Joseph Patrick Roop.

Another client complaint about investments against Joseph Patrick Roop was settled for $25,000 in losses on the grounds that the stockbroker had misled the client and neglected to disclose options and closed-end funds that Roop was selling while the stockbroker was associated with Banc of America.

Joseph Patrick Roop was the subject of another customer-initiated investment-related dispute resolution claim that was settled for $90,000.00 in losses. The claim was based on allegations that Roop had recommended to the Kalos Capital customer to purchase securities of a company that was growing, and that the trades had taken place while the stockbroker was not licensed in the state of Alabama. Winner in FINRA Arbitration No. 18-03317 was won on February 4, 2019.

The customer is dissatisfied with Joseph Patrick Roop.

On July 8, 2019, a different customer filed an arbitration lawsuit against Joseph Patrick Roop about investments, requesting $450,000.00 in damages. They claimed that Roop had misled the customer of Kalos Capital into making further investments, like oil and gas securities and real estate investment trusts, which turned out to be unsuitable for them and cost them money. Arbitration by FINRA.

On July 8, 2019, a different customer filed a $450,000.00 damage demand against Roop in an arbitration dispute pertaining to investments. They alleged that Joseph Patrick Roop had misled a client of Kalos Capital into making unsuitable alternative investments, such as trusts for real estate and oil and gas equities, which cost them money. Arbitration under FINRA No. 19-01140.

As of July 22, 2019, Roop’s Kalos Capital registration has been terminated. Since then, he has been linked to Dempsey Lord Smith.

Below are some allegations

  • The Securities Division was accused of violating laws by neglecting to maintain correct records, carrying out one or more transactions without the necessary power of attorney, and accepting a commission for one or more transactions involving clients from outside the state. The Securities Division also asserted a violation for failing to quickly amend the U-4 with an OBA for a business that was not in operation.
  • Clients filed a complaint with the state of North Carolina alleging inappropriate comments and issues with appropriateness.
  • Inappropriate Investments; Contract Violations; and Violations of Mandates.
  • Recommendations that are overly specific and unsuitable.
  • Due to significant miscommunications and omissions on the part of Cottonwood and GPB Capital Holdings, LLC, Joseph Patrick Roop was unable to conduct a reasonable inquiry and was unable to recommend an investment plan that included securities that were improper and speculative.
  • Clients allege inappropriate investments and the selling of securities by a salesman who was not lawfully registered in the State of Alabama. All investments were made between January 2011 and July 2014, approximately.
  • Customers allege that there was excessive trading, fraud, and the concealment of crucial data between December 2004 and May 2008. Damages are not mentioned.
  • In 2002, clients opened accounts with Joseph Patrick Roop for the duration of their five-year contract. Roop was employed by three different companies during that time: Wachovia, Banc of America, and Legge Mason. The client alleges suitability, fraud, deceptive deception, negligence, unlawful representation, contract violation, and breach of fiduciary duty. Roop refutes each accusation.
  • The customer claims that inappropriate equity products were marketed between January 2005 and July 2008. unknown losses.
  • Allegedly, trades performed in the client’s account were not appropriate. Unknown damages that probably exceed $5,000.
  • Portfolio losses from the 2008 market crisis were significant. The customer claimed she was ignorant of the risk.

The Final Word

Joseph Patrick Roop is therefore facing numerous accusations. In addition, he disclosed information about client problems.

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