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JoePat Roop, North Carolina Broker, Involved in $450,000 Customer Dispute Over REITs

JoePat Roop (CRD#: 2774470), a registered representative with Dempsey Lord Smith, LLC (CRD#: 141238) in Belmont, North Carolina, is currently involved in a customer dispute in which a client alleges that he recommended unsuitable alternative investments, including Real Estate Investment Trusts (REITs), according to his BrokerCheck record accessed on January 3, 2020. The activity in question allegedly occurred between 2012 and 2017. The client is seeking $450,000 in damages.

JoePat Roop

Real Estate Investment Trusts (REITs) are not suitable for all investors. Before recommending a REIT, did your broker inform you that your investment would be illiquid, meaning that you would not have access to the cash value of your investment? If not, you may have a suitability claim.

This most recent dispute over REITs is far from the only disclosure on JoePat Roop’s Brokercheck report. He has also been the subject of six other customer complaints.

  • In October 2018, a customer alleged that JoePat Roop sold unsuitable investments while not properly registered in Alabama. The customer sought $100,000 in damages; the matter was settled for $90,000.
  • In 2014, a customer alleged that JoePat Roop, while employed at Banc of America Investment Services, misrepresented material facts, omitted material facts, and executed excessive trades from December 2004 to May 2008. The complaint settled for $25,000.
  • In 2010, a customer alleged that JoePat Roop, while employed at Banc of America Investment Services, recommended unsuitable investments, made misrepresentations of material facts, and executed excessive trades between December 2004 and June 2008. The complaint settled for $135,000.
  • In 2009, a customer alleged that JoePat Roop, while employed at Banc of America Investment Services, recommended unsuitable equity products. The complaint settled in 2011 for $38,000.
  • In 2009, a customer alleged that JoePat Roop, while employed at Wachovia Securities, made unsuitable options trades in the account. The complaint settled for $85,000.
  • In 2008, a customer alleged that JoePat Roop, while employed at Wachovia Securities, made unsuitably risky options investments. The complaint settled for $56,000.

Over his 23-year career in the securities industry, JoePat Roop has worked for seven brokerage firms. In addition to his current position with Dempsey Lord Smith, LLC (CRD#: 141238) in Belmont, North Carolina, JoePat Roop has also worked for:

  • Kalos Capital, Inc. (CRD#:44337) in Belmont, North Carolina
  • Wachovia Securities, LLC (CRD#: 19616) in Belmont, North Carolina
  • Banc of America Investment Services, Inc. (CRD#: 16361) in Charlotte, North Carolina
  • Legg Mason Wood Walker, Incorporated (CRD#: 6555) in Baltimore, Maryland
  • MML Investors Services, Inc. (CRD#: 10409) in Springfield, Massachusetts
  • Pruco Securities Corporation (CRD#: 5685) in Newark, New Jersey

If JoePat Roop was your broker and you have concerns about your investments, don’t hesitate to contact a securities attorney to learn about your options for recovery. Call the securities attorneys of Fitapelli Kurta at 877-238-4175 or email info@fkesq.com for your free case consultation.

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