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Joseph Roop: Investor Complaints Against Ex-Kalos Advisor
Coppell Advisory Services advisor Joseph Roop (CRD# 2774470) has received multiple investor complaints as well as a regulatory enforcement action alleging he engaged in misconduct. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the Belmont, North Carolina representative was previously a broker with Dempsey Lord Smith and Kalos Capital.
Mr. Roop’s BrokerCheck report discloses several investor complaints. The most recent, filed in November 2022, alleges that as a representative of Dempsey Lord Smith, he acted negligently, breached his fiduciary duty, fraudulently misrepresented material facts, and breached contract. The pending complaint alleges damages of $220,000.
In December 2021 the North Carolina Securities Division initiated an enforcement action, according to a disclosure on his BrokerCheck report. The action concerned allegations that he violated state securities law by failing to maintain proper records, “making one or more trades without a proper power of attorney, and receiving commission for one or more trades for out-of-state customers.” In a settlement with the Division, Mr. Roop agreed to pay a fine $12,500 as well as investigative costs of $82,500.
A second investor complaint, filed in 2021, alleged that he recommended unsuitable oil and gas investments, breached contract, failed in his supervisory duties, and breached his fiduciary duty while a representative of Kalos Capital. The complaint reached a settlement of $14,999.
A third investor complaint, filed in 2020, alleged that he made unsuitable and over-concentrated recommendations while a representative of Kalos Capital. In 2021 the complaint reached a settlement of $25,000.
A fourth investor complaint, filed in 2020, alleged that Mr. Roop failed to conduct reasonable due diligence, made material misrepresentations and omissions, and recommended an unsuitable strategy involving investments in Cottonwood and GPB Capital Holdings. The complaint reached a settlement of $17,500.
A fifth investor complaint, filed in 2018, alleged he recommended unsuitable investment recommendations, breached his fiduciary duty, and engaged in negligence. The complaint reached a settlement of $90,000.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Joseph Roop holds 25 years of securities industry experience. Based in Belmont, North Carolina, he has been an investment advisor with Coppell Advisory Solutions since March 2022. His past registrations include Dempsey Lord Smith (Belmont, North Carolina; 2019-2021), Kalos Capital (Belmont, North Carolina; 2009-2019), Wachovia Securities (Belmont, North Carolina; 2008-2009), Banc of America Investment Services (Charlotte, North Carolina; 2004-2008), Legg Mason Wood Walker (Baltimore, Maryland; 2000-2004), MML Investors Services (Springfield, Massachusetts; 1998-2000), and Pruco Securities (Newark, New Jersey (1996-1998). His credentials include the passage of six securities industry qualifying examinations: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in North Carolina. (Information current as of January 2, 2023.)
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