The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Joseph Roop. According to his publicly available FINRA BrokerCheck report, Joseph Roop has been the subject of multiple customer disputes over the course of his career.

Joseph Roop is a North Carolina based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with seven different securities firms.

His Registrations 

  • Pruco Securities Corporation (1996-1998)
  • MML Investors Services (1998-2000)
  • Legg Mason Wood Walker (2000-2004)
  • Banc of America Investment Services (2004-2008)
  • Wachovia Securities (2008-2009)
  • Kalos Capital (2009-2019)
  • Dempsey Lord Smith (2019-Present)

The Allegations

  • In December 2008, a customer alleged that Joseph Roop failed to communicate the risks of their investments. This case was settled for $56,000 in damages.
  • In February 2009, a customer alleged that Joseph Roop executed unsuitable options trades in his account. This case was settled for $85,000 in damages.
  • In October 2009, a customer alleged that Joseph Roop recommended highly unsuitable equity products. This case was settled for $38,000 in damages.
  • In August 2010, customers alleged that Joseph Roop made negligent misrepresentations, made fraudulent misrepresentations, committed fraud, recommended unsuitable investments, breached contract, and breached his fiduciary duty. This case was settled for $135,000 in damages.
  • In January 2014, customers alleged that Joseph Roop made material misrepresentations and omissions of material facts and excessively traded their account. This case was settled for $25,000 in damages.
  • In October 2018, customers alleged that Joseph Roop recommended highly unsuitable investments. This case was settled for $90,000 in damages.
  • In July 2019, a customer alleged that Joseph Roop recommended highly unsuitable alternative investments known as non-traded REITs, or real estate investment trusts. This case is currently pending. The customer is seeking $450,000 in damages.

What Does This Mean?

Non-traded real estate investment trusts, or REITs, are poorly regulated privately traded securities. This means that they do no trade on public securities exchanges, but rather are recommended directly by securities brokers looking to benefit from the large selling commissions. While many brokers might pitch these products as safe and lucrative, nothing could actually be further from the truth. The truth is that non-traded REITs are incredibly speculative and illiquid products that are not suitable for investors. Despite this, they continue to plague the market and cause significant losses to investors.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Joseph Roop, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.