Richard Roop Ponzi

20 Replies

Good Afternoon,

I'm looking to see if anyone can provide any help or direction.  I just learned today Richard Roop and his company were shut down by the State of Colorado last year for alleged Ponzi scheme and securities charges.  I have a note on a property he owned/owns and it's coming due in 2 weeks.   After numerous attempts to contact he and his company and receiving no response I eventually searched and found out what is going on. 

My question is can anyone provide any advice on where I go from here to see if I have any chance of getting any portion of the note proceeds I'm due. It was held in a Self Directed IRA if it matter. Should I contact a Colorado attorney as that is where he and the property are? Does anyone have a referral to someone if so? I'm sick to my stomach over this now and trying to decide what to do next. Any direction is greatly appreciated! TY!

Wow, sorry!  I'm guessing any Mtg you have for the note is probably fraudulent, or has multiple other Mtg.s too?  First thing I'd do is search the mortgage records for that property, assuming you have a Mtg.

Wow.....looks like this has been ongoing for a couple years too.

http://gazette.com/lawsuit-accuses-woodland-park-man-and-his-business-of-running-ponzi-scheme/article/1517958

Check public records to see your note is recorded and in the position you expected. Assuming it is, you will likley move forward with foreclosure. Depending on where it is, First American Title has an awesome app for viewing recorded docs  - my first am app - can also be accessed on the web. 

Thank you for the replies and advice.  I'm going to look into the First Am app and see if I can find if the note is recorded.  Then go from there.  Tx again! 

So in just checking property documents there doesn't seem to be anything related to any mortgages or deeds of trust.  I'm assuming if the mortgage is not recorded than it holds no weight and I can kiss that money goodbye?  Just really disappointed in myself to allow this to happen...so many things I should have done to cover myself now looking back...ugh. 

@Travis D. All may not be lost. You still have a legal contract, it's just not recorded. The first thing is to record the Deed of Trust. Then you are first in line if there is nothing else on the property. My guess though is that it is probably covered with a blanket loan from something else. The good thing is that you are in a strong position if you have the first one recorded on the property. Find a lawyer to start the process but don't delay and do what you can to make sure the process is moving along. Sometimes lawyers aren't always the fastest moving.

Well it looks like my DoT were recorded 10 months after I gave him the money...but the docs I can see have precious little info on them.  They just have a document number but no bk/page.  Wondering if this is sleight of hand and they aren't really registered.

The doc has no amounts and I can't tell if i am buried under 1/2nd liens as there seems to be no way to do a property (address) search.  

Feeling sick!

First thing is people need to assess their losses worst case scenario. 

If a ponzi is truly the case it could take a long time to get the money back if any.

Is the amount you are out small?? For example is it 20,000 or 150,000??

Compare that amount to your net worth and liquidity. After talking with an attorney an honest one will tell you if it's worth your time to pursue or not and if the legal costs will be larger than any amount recovered if ever.

It's not just about getting money back it's about the time, energy, and cost to do so and the odds (percentages ) of recovery if you invest the time and money to do so. Now people can say it's personal and want to take to the ends of the earth for decades even if no money is recovered to see justice. That is an emotional decision where what you lose might not outweigh the perceived gain. ( For example you get so fixated on getting back at someone for being wronged that you lose focus of your investment goals and opportunities that are out there in the marketplace).

If it's something where you can set it and forget it and one day you see some money back that is different then constantly being stressed out in life and having to constantly pursue something to ever see if money was recovered. Sometimes it's better to do an "autopsy" on the investment and see what went wrong. Keep those notes in your file and then use it as a positive to save you on your future investments.   

No legal advice given. 

Hi John,

Sorry to hear you're in the same boat!   I feel your pain.  The whole case is now placed with a Receiver appointed by the Court to work thru the next steps.  They actually update and maintain a site dedicated to this specific case.  

http://www.roop-blr-assetreceivership.com/default....

You can read the latest update which basically mentions the Receiver making a recommendation to the Court that liquidation of asset/homes be thru CH 7 process I believe.   

In those documents it lists all the homes and all known liens on each property and I was able to find my name and lien so you may want to check there too.

I spoke with a CO attorney and he mentioned there is also a stay on any proceedings or court actions (Foreclosure) on any of the homes which was imposed by the Receiver so even if note holders are looking to try to FC I don't think they get very far.  

Seems like a waiting game at this point to see how they plan to resolve the Estate/assets.  Sorry couldn't help more but that site is the best start for up to date info.  

Joel....prudent words and very much agree!  For me, I've written off the money already but will check in every now and then to see if any progress is made.   I would much rather focus time and energy on other profitable investments/opportunities going forward. 

I try to take something learned for each negative situation and I'll do the same for this.  With some luck I'll get back a few bucks at some point.  

@Travis D. I have been unable to reach out to my lenders involved in this nightmare due to a gag order. However I have started to share details my experience last month and will continue to do so in a way the does not violate any court orders. Before I was under a gag order I publicly stated by case. After the gag order they made me remove my postings. They also scrubbed county records of my transactions. How can they do that?! Anyone involved can contact me. I have nothing to hide. And will also answer questions here on BP. I just got back into my account today after 5 years. I spoke about all this for first time in a Joe McCall interview last month at https://youtu.be/if6VU5KdNK8

@Wayne Brooks This list of my 56 properties in the estate was or should be public in suit docs. 4 months ago I started searching county records to see what they sold, and at what price. Warranty deeds, quit claim deeds, and private lender deeds of trust were scrubbed on first 5 props I looked up, on properties going back over 10 years. I will look again. They did claim all of my land trusts were sham trusts and they proceeded as if my operation was a Ponzi despite fraud charge being dropped. They then accused my all my private lenders were knowingly collaborators, and that they knew it was a sham, and treated all secured positions as unsecured securities. Over next few months I am going to lay it all out and share, just the facts. Watch my interview

Richard is back in business!

I want to share my really bad experience working with Richard Roop! And WARN EVERYONE who considers doing business with him!

I've been in his training for about a year now.

I invested $4,000 in marketing and $10,700 in training and coaching. That

includes my last coaching renewal - I prepaid a year at $6,000 last

February. I did everything that Richard told me, put in a lot of time

and as you see - money, but didn't get the results I expected (based on

what Richard teaches)

I decided to stop and asked him to give me my money back - ONLY a partial

refund for the coaching that I prepaid, but haven't used yet. He refused

and offered credit to his training instead. Also, he said, if I make

this issue public, he would block me from his groups and close my

access to Ropoodia (his training website that I paid for $2,700 last

autumn). And he did. Do you think he is right?

Can prove my every word!

@Valeria Mitchell

No opinion on your experience or your dispute. This would require listening to both sides and analyzing, which I personally have no interest in. I'm sorry you had a bad experience either way.

I will only comment on one small part of your question. If there is a major conflict between a business and its customer, it's pretty common for a business to stop all services and all access. Also pretty common for a customer to go public with the complain. So both sides should evaluate the potential damage when a conflict looms.