Securities Commission suspends license of Woodland Park securities firm

 

The Colorado Securities Commission suspended the license of Bottom Line Results, a Woodland Park-based securities and mortgage brokerage firm.

 

Richard Roop, president of the company, also received a suspended license, according to Fred Joseph, securities commissioner.

 

The order was based on a summary suspension action initiated by the division staff in May. The staff says Roop willfully failed to comply with request for documents and information about individuals who have invested in the company. The division can examine license

 

The division staff alleged that despite numerous contacts and attempted communications with Roop, none of the requested information or documentation was provided by the date the petition was filed with the Commissioner.

 

A fact-finding hearing on the Division staff’s petition was held before the Colorado Securities Board on June 4, 2012, which resulted in the Board issuing an initial decision recommending suspension of Bottom Line and Roop’s licenses.

 

The Division’s investigation of Bottom Line Results is on-going.

A copy of the Final Order can be found here.

 

One Response to Securities Commission suspends license of Woodland Park securities firm

  1. Response from Richard Roop: Our house buying and selling operation does not require a Colorado broker-dealer license even though we’ve maintained one since we started operating in 1996. We’ve never had any complaints from the private investors who help fund our real estate deals and none of our them have ever lost money. We currently maintain an A+ rating with the BBB.

    Licensees are subject to certain rules and regulations including providing the Division of Securities with any documents requested. In January we began honoring substantial record requests as we had no reason not to. Even though there was no explanation as to the reason behind the inquiry we assumed any concerns about our operation would be conveyed back to us.

    After honoring multiple record requests we were never told what prompted the requests or why they wanted more and more records. After referring to the Colorado statutes and rules it was clear as a licensee we had to keep providing records, or run the risk of having our license suspended.

    Since our real estate note transactions secured by liens on properties we own were exempt from state registration and licensing requirements it was decided to discontinue honoring record requests and voluntarily withdrew our license so as not to be further burdened with unnecessary requirements or forfeiture of rights.

    To date the Division staff has shared no information, and no reports of any complaints and have made no allegations exempt that of not providing the records most recently requested. If they want more records they can use the normal legal system and we will be happy to comply. This inquiry began mysteriously one week after one our employees was let go for suspected theft and embezzlement.

    The release states, “…despite numerous contacts and attempted communications with Roop, none of the requested information or documentation was provided by the date the petition… ” This is not true. We provided substantial documentation.

    Richard Roop
    July 4, 2012 at 8:12 am