Dempsey Lord Smith Advisor, Joseph Roop, Has One Pending And Six Settled Customer Complaints, Alleging Sales Practice Misconduct
Joseph Roop (CRD # 2774470) is a Financial Advisor at Dempsey Lord Smith, LLC in Belmont, NC. Joseph Roop has been in the securities industry since 1996 and previously worked for Kalos Capital, Inc., Wachovia Securities, LLC, Banc of America Investment Services, Inc., Legg Mason Wood Walker, Incorporated, MML Investors Services, Inc. and Pruco Securities Corporation.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Joseph Roop has one pending and six settled customer complaints, alleging the following sales practice misconduct:
• July 2019 – “Client alleges unsuitable investments in alternative securities (REITS, etc.) during the time period 11/2012 to 05/2017.” Alleged damages are $450,000, and the matter is currently pending.
• October 2018 – “Clients allege unsuitable investments and sale of securities by a rep that was not properly registered in the State of Alabama. Approximate time period of all investments was January 2011 – July 2014.” Alleged damages were $100,000, and the matter settled for $90,000.
• January 2014 – “CUSTOMERS ALLEGE MISREPRESENTATION AND OMISSION OF MATERIAL FACTS AND EXCESSIVE TRADING FROM DECEMBER 2004 TO MAY 2008.” The matter settled for $25,000.
• August 2010 – “CLIENTS OPENED ACCOUNT IN 2002 WITH ROOP AND DURING THE COURSE OF THEIR FIVE YEAR RELATIONSHIP, ROOP WAS AT THREE FIRMS (LEGG MASON, BANC OF AMERICA SECURITIES, AND WACHOVIA). CLIENT ALLEGES NEGLIGENT MISREPRESENTATION, FRAUDULENT MISREPRESENTATION, FRAUD IN THE INDUCEMENT, UNSUITABILITY, BREACH OF CONTRACT, AND BREACH OF FIDUCIARY DUTY.” The matter settled for $135,000.
• October 2009 – “CLIENT CLAIMS UNSUITABLE EQUITY PRODUCTS DURING THE PERIOD 01/2005 TO 07/2008.” The matter settled for $38,000.
• February 2009 – “CLIENT ALLEGED UNSUITABLE OPTIONS TRADES PLACED IN HIS ACCOUNT.” The matter settled for $85,000.
• December 2008 – “MARKET CRASH IN 2008 CAUSED LARGE LOSSES TO CLIENT’S PORTFOLIO. CUSTOMER CLAIMED SHE WAS UNAWARE OF RISK.” The matter settled for $56,000.
Joseph Roop also discloses an April 2010 bankruptcy on his CRD. For a copy of Joseph Roop’s CRD, click https://brokercheck.finra.org/individual/summary/2774470#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.