Shopoff Securites, as well as William “Bill” Shopoff, Shopoff Securities president and CEO, and Steven Shopoff, senior vice president, were all exonerated in disciplinary matter brought by the Financial Industry Regulatory Authority (FINRA), marking the close of a five-year regulatory proceeding.
The ruling by a three-person hearing panel found no merit to the allegations asserted by FINRA, primarily involving working capital loans, all of which were personally guaranteed by Mr. Shopoff. FINRA alleged that the loans from Mr. Shopoff’s family and longtime friends should have been accompanied by additional disclosures, but the hearing panel rejected these allegations.
Significantly, no lenders suffered any harm or losses — in fact, all of the lenders received substantial interest and principal payments as agreed. Moreover, nearly all of the loans have been fully repaid.
“Today’s ruling in favor of William and Steven Shopoff and Shopoff Securities — a
