Articles Tagged with Shopoff California Commercial Fund

shutterstock_186471755-300x200The law offices of Gana Weinstein LLP have represented investors who were sold private placement investments in real estate ventures issued by Shopoff Securities.  The Shopoff Land deals are highly risky and often times unsuitable for investors. Our attorneys can analyze your accounts and determine if you have a potential claim.

Recently, The Financial Industry Regulatory Authority (FINRA) brought a case against Shopoff Securities, Inc., William Shopoff, and Stephen Shopoff. From about December 2010 through March 2017 FINRA alleged Shopoff Securities fraudulently sold approximately $12.57 million of promissory note investments to 29 investors.  FINRA claimed that Shopoff Securities failed to disclose that $165,000 investment proceeds would actually be transferred to William Shopoff and his personal trust to pay his and his wife’s personal expenses.  FINRA also claimed that Shopoff also failed to disclose that some investment proceeds would be used to repay previous note investors.

In addition, FINRA alleged that from at least August 2014 through August 2016 Shopoff Securities and William Shopoff fraudulently sold two private placement offerings by massively inflating his and his wife’s cash assets in a financial statement given to a third-party due diligence provider assessing the Shopoffs’ financial wherewithal. During this time William Shopoff made material misrepresentations and omissions about his and Shopoffs financial condition in connection with sales of Shopoff Land Fund III and Shopoff Land Fund IV.  FINRA claims that in March 2014, William Shopoff caused the transfer of a temporary $1.5 million to William Shopoff’s personal bank account from the account of an affiliate of Shopoff Realty in order to artificially and falsely inflate the appearance of his liquid net worth.  FINRA claims that William Shopoff then directed Shopoff Realty to provide an accounting firm with the artificially inflated cash amount in William Shopoff’s personal bank.

Continue Reading

Contact Information