JOSEPH PATRICK ROOP is currently employed as a Broker and/or Investment Adviser at KALOS CAPITAL, INC. located at 123 North Main Street, BELMONT, NC, 28012.
JOSEPH PATRICK ROOP has worked at KALOS CAPITAL, INC. since April 01, 2009
Disclosure History
JOSEPH PATRICK ROOP has 6 Disclosure Event(s).
Date: January 15, 2014 Category: Customer Dispute Allegations: CUSTOMERS ALLEGE MISREPRESENTATION AND OMISSION OF MATERIAL FACTS AND EXCESSING TRADING FROM DECEMBER 2004 TO MAY 2008. DAMAGES ARE NOT SPECIFIED. Settlement Amount: $25,000.00 Broker Comment: I HAVE NOT BEEN GIVEN A COPY OF THE ALLEGATIONS, SO HAVE NO RESPONSE AT THIS TIME.
Date: August 05, 2010 Category: Customer Dispute Allegations: 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.ROOP DENIES ALL ALLEGATIONS. Damage Amount Requested: $750,000.00 Settlement Amount: $135,000.00 Broker Comment: DURING THE TIME I WORKED WITH THESE CUSTOMERS, THEY MAINTAINED ACCOUNTS THAT CONSISTED OF CONSOLIDATED INDIVIDUAL STOCKS. THE RISKS OF LARGE INDIVIDUAL HOLDINGS WERE DISCUSSED AT REGULAR MEETINGS WITH CUSTOMERS. ADDITIONALLY, MUTUAL FUNDS, CLOSED END FUNDS AND OPTIONS WERE ALSO IN THEIR ACCOUNT. WE COMMUNICATED IN PERSON AND VIA PHONE. MEETINGS WERE HELD AT THEIR HOME AND OCCASIONALLY ALSO INCLUDED THEIR CPA. WHEN THE MARKET WAS MOST VOLATILE IN 2008, WEEKLY MEETINGS OCCURRED WITH CUSTOMER WHREE THEY WERE UPDATED ON MARKET AND ACCOUNTS. ALL PAPERWORK WAS COMPLETE AND APPROVED BY BRANCH MANAGER. ADDITIONALLY, THE BRANCH MANAGER ALSO MADE CALLES TO THE CUSTOMERS TO VERIFY THEIR KNOWLEDGE OF THE ACCOUNTS. ***WELLS FARGO ADVISORS SETTLED FOR $52,500. BANK OF AMERICA STILL PENDING.******BANK OF AMERICA SETTLED FOR $135,000.***
Date: April 09, 2010 Category: Financial Type: Bankruptcy Disposition: Discharged
Date: October 22, 2009 Category: Customer Dispute Allegations: CLIENT CLAIMS UNSUITABLE EQUITY PRODUCTS DURING THE PERIOD 01/2005 TO 07/2008. DAMAGES UNSPECIFIED. Settlement Amount: $38,000.00 Broker Comment: DURING THE TIME I WORKED WITH [CUSTOMER] HE MAINTAINED ACCOUNTS THAT CONSISTED OF STOCKS BONDS CLOSED END FUNDS MUTUAL FUNDS & OPTIONS WE HAD REGULAR REVIEWS IN PERSON SEVERAL TIMES A YR WE CORESPONDED OVER PHONE ON A REGUALAR BASIS TO DISCUSS HIS ACCTS, INCOME, & INVESTMENT PERFORMANCE WHILE AT BAI MY MGR [OTHER FIRM EMPLOYEE] ALSO SPOKE TO [CUSTOMER] RE: HIS ACCTS & RISK TOLERANCE, [CUSTOMER] HAS NOT ALLEDGED ANY SPECIFIC IMPROPRITIES BUT ONLY COMPLAINS HIS ACCT VALUE DECLINED.
Date: February 26, 2009 Category: Customer Dispute Allegations: CLIENT ALLEGED UNSUITABLE OPTIONS TRADES PLACED IN HIS ACCOUNT. DAMANGES UNSPECIFIED BUT BELIEVED TO EXCEED $5000 (07/18/2008 - 01/20/2009) Settlement Amount: $85,000.00 Broker Comment: PROPER FORMS AND DISCLOSURES WERE IN PLACE & APPROVED BY TIM BERSHEA (BOM). NO COMMUNICATION OR CORRESPONDENCE WAS REQUESTED OF J.P. ROOP AT ANY TIME REGARDING COMPLAINT. CLIENT REQUESTED ACCT TRANSFER TO A DIFFERENT WACHOVIA BROKER IN BIRMINGHAM AL IN OCT 2008 TO BE CLOSER TO HIS CPA. ALL TRANSACTIONS WERE DONE AT THE FULL KNOWLEDGE, CONSENT AND UNDERSTANDING OF THE CLIENT. PHONE CALLS TO WACHOVIA BY J.P. ROOP REQUESTING INFORMATION REGARDING THIS COMPLAINT AND ITS STATUS WERE NEVER TAKEN OR RETURNED.
Date: December 09, 2008 Category: Customer Dispute Allegations: MARKET CRASH IN 2008 CAUSED LARGE LOSSES TO CLIENT'S PORTFOLIO. CUSTOMER CLAIMED SHE WAS UNAWARE OF RISK. Damage Amount Requested: $137,703.00 Settlement Amount: $56,000.00 Broker Comment: FROM THE TIME OF THE COMPLAINT ALL OF THE PROPER DISCLOSURES AND FORMS WERE IN PLACE. WACHOVIA NEVER REQUESTED ANY INFORMATION FROM ME EVEN AFTER I ASKED WHAT THEY MAY NEED FROM ME TO HELP DEFEND THE COMPLAINT. I WAS NEVER PART OF OR ASKED TO BE INVOLVED IN ANY DISCUSSIONS ABOUT THIS CASE.
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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