Shopoff DLV QOZ Fund, LLC

ChapmanAlbin is investigating investor losses involving Shopoff DLV QOZ Fund, LLC, a Regulation D private placement marketed as an Opportunity Zone (Qualified Opportunity Fund) strategy and tied to the Dream Las Vegas development. Public records show the sponsor launched the fund in 2020 for the Dream Las Vegas project, and a U.S. Senate Finance Committee letter raised oversight questions about Opportunity Zone funds and requested information from Shopoff.

If you purchased this investment through a financial professional, you may have options depending on how it was presented, what risks were disclosed, and whether the recommendation was suitable for your financial situation and objectives.

What is Shopoff DLV QOZ Fund, LLC?

Shopoff Realty Investments publicly announced the launch of Shopoff DLV QOZ, described as its first Qualified Opportunity Zone fund, for the development of the Dream Las Vegas hotel project.

SEC EDGAR records also list Shopoff DLV QOZ Fund, LLC filings as a Reg D offering (Form D and amendments).

What is the Dream Las Vegas project?

Dream Las Vegas is a hotel-casino development that has faced widely reported challenges and construction delays. Recent reporting stated the Dream Las Vegas site transferred ownership to the project’s lead contractor in connection with a legal settlement over unpaid bills, reflecting significant stress around the project’s development timeline and financing.

Why that matters: Opportunity Zone private placements are often tied to a single project, so project delays, refinancing challenges, disputes, or ownership changes can materially affect investor liquidity and recovery prospects.

Why the Senate Finance Committee letter matters

A January 13, 2022 letter from the U.S. Senate Finance Committee to Shopoff requested information and raised oversight concerns regarding the operation and effects of Qualified Opportunity Funds and Opportunity Zones, including transparency, reporting, and how benefits flow to communities.

This type of congressional inquiry does not determine investor outcomes, but it is relevant context for investors evaluating how these offerings were marketed and what information was provided.

How these offerings are commonly sold

Investors frequently describe sales pitches that emphasize Opportunity Zone tax benefits and long-term upside while minimizing key constraints, including:

• Illiquidity and limited redemption options
• Concentration risk tied to a single development
• Reliance on long timelines and complex execution
• Fees, commissions, and referral payments that can create conflicts of interest
• The importance of investor eligibility, timing, and required reporting for tax outcomes

For background on how Opportunity Zone funds work and common red flags, see our explainer: Opportunity Zone Funds

Firms that may have sold this product

Based on information you provided, ChapmanAlbin may evaluate sales activity involving the following firms in connection with Shopoff DLV QOZ Fund, LLC. This list may not be complete, and inclusion does not mean wrongdoing. We review the specific facts of how the investment was marketed, who recommended it, and what disclosures were provided.

• Arkadios Capital
• Boustead Securities, LLC
• D.H. Hill Securities, LLLP
• IBN Financial Services, Inc.
• IFP Securities, LLC
• Infinity Financial Services
• Innovation Partners LLC
• International Assets Advisory, LLC
• Kalos Capital, Inc.
• LifeMark Securities Corp.
• Ni Advisors
• Nobles & Richards, Inc.
• Oak Tree Securities, Inc.
• Patrick Capital Markets
• Saxony Securities, Inc.
• ShareNett Securities LLC
• Shopoff Securities, Inc.
• Third Seven Capital LLC
• Wealthforge Securities, LLC
• World Equity Group, Inc.

Potential red flags to look for

• You were told the investment was “low risk” or “stable” despite dependence on a single development project.
• Liquidity limits were downplayed (limited redemption, long hold periods, restricted transfers).
• You were shown projections that did not clearly explain assumptions, timelines, and downside risk.
• The pitch emphasized tax outcomes without clearly addressing eligibility, timing, and required reporting.
• Compensation, commissions, or referral arrangements were not clearly explained.

What to gather if you invested

• Private Placement Memorandum (PPM), subscription agreement, exhibits, and any amendments
• Pitch decks, one-page summaries, projections, and “after-tax return” illustrations
• Wire confirmations, invoices, and proof of payment
• Emails, texts, and notes from meetings or calls with the salesperson/advisor
• Account statements showing how the investment was purchased and through which firm
• Investor updates, sponsor letters, notices, and any communications about delays or changes
• Any documents describing fees, commissions, or referral payments

How ChapmanAlbin can help

If you purchased Shopoff DLV QOZ Fund, LLC through a broker-dealer, registered representative, or financial advisor, ChapmanAlbin can evaluate whether the recommendation involved:

• Misrepresentation or omission of material facts
• Unsuitable recommendation
• Failure to supervise
• Due diligence issues related to private placements

Potential recovery pathways may include FINRA arbitration or other claims depending on the parties involved and the facts of the sale.

FAQ

Is a Reg D private placement appropriate for every investor?
No. Many Reg D offerings are illiquid, higher risk, and suitable only for investors who can tolerate long hold periods and potential loss of principal.

If the project is delayed or changes hands, what happens to investors?
Project delays, refinancing, litigation, or ownership changes can materially affect timelines, liquidity, and the value of an illiquid private placement.

Does the Senate letter prove misconduct?
No. It is context showing congressional oversight interest and requests for information about Opportunity Zone funds. Each investor’s claim depends on what they were told, what disclosures they received, and whether the recommendation was suitable.

Call to Action

If you invested in Shopoff DLV QOZ Fund, LLC through a financial professional and have questions about your options, contact ChapmanAlbin at (877) 410-8172 to discuss your situation.