July 2019 – Irvine, CA
According to publicly available records William A. Shopoff (CRD#1273471) , a stockbroker who is currently registered with Shopoff Securities Inc., disclose a pending regulatory event , 2 pending disputes with customers and a dispute that was recently settled for $4.75 million.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In January of 2019, FINRA filed a complaint alleging that Shopoff Securities had fraudulently sold promissory note investments to investors. The complaint, which is currently pending, alleges that Shopoff formed a fund with the stated purpose of raising funds for his private real estate firm, Shopoff Realty, and that funds were used for personal expenses rather than the intended purpose and that Shopoff massively inflated his and his wife’s cash assets in financial statements.
In December 2018, in a Federal Court action in US District Court, Central District of California a former employee of a firm affiliate asserted claims for breach of contract, breach of guaranty, specific performance, and breach of the covenant of good faith and fair dealing, as well a claim for fraud. That matter was recently settled for $4.75 million.
Two similar cases are pending in Orange County, CA, seeking total damages in excess of $30 million.
Shopoff has been with Shopoff Securities, Inc. since September of 2006 where he serves as President.
If you have questions about an investment account handled by William Shopoff, contact us for a no charge consultation to learn about your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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