Woodland Park firm's securities licen...

Woodland Park firm's securities license suspended

There are 2 comments on the The Gazette story from Jul 2, 2012, titled Woodland Park firm's securities license suspended. In it, The Gazette reports that:

The Colorado broker-dealer license of Bottom Line Results Inc . , a Woodland Park-based securities/mortgage brokerage firm, has been suspended, Colorado Securities Commissioner Fred Joseph announced Monday.

Join the discussion below, or Read more at The Gazette.

Richard Roop

Colorado Springs, CO

#1 Jul 4, 2012
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.

Charleston, WV

#2 Jul 15, 2012

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