Richard Roop promised to make you money in real estate. What he does not mention are his numerous charges for real estate and securities fraud and he seldom mentions his jail term for violating court orders.
This Woodland Park man and his company were ordered by Denver District Court to stop selling ownership interests in mortgages on distressed houses. This comes after numerous allegations that he has bilked investors for more than than $1.6 million in what regulators say is a Ponzi scheme. The Securities Division revoked Roop’s securities license in 2012.
The news release to the left is from the Colorado Department of Regulatory Agencies.
Long after this post first appeared, I heard from Roop who wanted to make come clarifications. Below are his printed statements without edits:
There were 3 allegations in this Apr 2014 complaint.
The first two were lost to summary judgment prior to our court date. The week prior to going to court on the 3rd of fraud (failure to disclose), I agreed to a settlement where they would drop the 3rd charge.
So the fraud charge was never argued or defended. It was dropped.
The settlement agreement included me keeping about 18 of my 56 properties, with the rest going into receivership. It also allowed me to receive any extra proceeds not needed to pay back my private lenders.
After draining the estate with receivership fees, they put my company into bankruptcy which allowed them to take the rest of my properties with no recourse.