Shopoff DLV QOZ Fund, LLC: Investor Lawsuit and Complaints Investigation (2026 Update)
The White Law Group is investigating potential claims on behalf of investors in Shopoff DLV QOZ Fund, LLC, a Regulation D private placement launched in 2020 to fund the stalled Dream Las Vegas hotel-casino project. The underlying site is now reportedly listed for sale, and Clark County has granted the developers a third extension despite its own staff recommending denial — developments investors should understand before deciding whether to pursue a FINRA arbitration claim.
Who Is Bill Shopoff / Shopoff Realty Investments?
Shopoff DLV QOZ Fund, LLC was sponsored by Shopoff Realty Investments, an Irvine, California-based real estate investment firm founded by William “Bill” Shopoff (CRD#: 1273471). Shopoff Realty Investments has sponsored numerous real estate private placements over the years, including several other funds The White Law Group is separately investigating (see below). Bill Shopoff has also been a registered representative of affiliated broker-dealer Shopoff Securities, Inc. and he reportedly has four settled complaints on his record.
About the Shopoff DLV QOZ Fund
According to SEC filings, Shopoff DLV QOZ Fund, LLC is a California-based real estate investment entity formed in 2020 and headquartered in Irvine, CA. The offering sought to raise up to $186 million in equity capital, with a minimum investment of $250,000.
The fund was structured as a Qualified Opportunity Zone (QOZ) investment, which may provide tax advantages to certain investors. However, like many QOZ and private placement investments, the offering carries substantial risk and is generally considered illiquid and speculative.
Project Background
Shopoff DLV QOZ Fund was created to provide equity financing for the Dream Las Vegas hotel and casino, a $545 million development on the Las Vegas Strip, to be managed by Dream Hotel Group and constructed by general contractor McCarthy Building Companies. Raised via a “best-efforts” offering, it promised both speculative upside and tax-deferral benefits tied to QOZ rules.
The offering also drew scrutiny beyond the fund’s own investors. In a January 13, 2022 letter, then–Senate Finance Committee Chairman Ron Wyden asked Shopoff Realty Investments for information about the Dream Las Vegas raise as part of a broader Senate inquiry into whether Opportunity Zone funds were delivering the job-creation and community-investment benefits Congress intended, or primarily functioning as a tax-avoidance vehicle for wealthy investors. The letter does not establish wrongdoing by Shopoff, but it is a matter of public record and is relevant background for investors evaluating how the offering was marketed.
Recent Developments: Project Fallout Reported
According to an August 28, 2025 report by AltsWire, the Dream Las Vegas project had stalled, with ownership of the partially built site transferred to contractor McCarthy Building Companies through a legal settlement over unpaid bills. Construction reportedly halted in March 2023, when the project was only about 19% complete, limited to early foundational work such as excavation and concrete piling. McCarthy had filed a lien exceeding $40 million, and the transfer occurred via a deed-in-lieu of foreclosure reportedly valued at $17.2 million.
Since then, two additional developments have emerged from primary local reporting:
Third extension granted over staff objection (November 2025). According to the Las Vegas Review-Journal, Clark County commissioners voted on November 5, 2025 to grant Dream Las Vegas developers a two-year extension — the project’s third — to resume construction. Notably, county staff had recommended denying the request, writing that the project is classified as “abandoned” under the terms of its existing agreement with the county. Representatives for both Shopoff Realty Investments and McCarthy Building Companies jointly appeared to request the extension; Shopoff founder Bill Shopoff reportedly declined to comment after the vote.
Site listed for sale (December 2025). Roughly six weeks later, CDC Gaming reported, citing the Review-Journal, that McCarthy Building Companies had retained brokerage firm Colliers International to market the unfinished 4.7-acre site for sale. There is reportedly no formal asking price, though the listing broker has cited unsolicited offers in the $50 million range as guidance. By comparison, a representative for the original developers had told the county that more than $123 million had reportedly been invested in the site’s grading, basement excavation, and utility work — a gap investors may wish to weigh when evaluating potential recovery.
Taken together, these reports suggest the underlying project remains in a materially uncertain, and now for-sale, state well over three years after construction stopped. As always, figures describing the project’s status are drawn from trade and local news reporting rather than SEC filings or FINRA disciplinary records, and should be understood accordingly.
Shopoff DLV QOZ Fund and Shopoff Realty Investments Complaints
Beyond the Dream Las Vegas project itself, investors researching Shopoff DLV QOZ Fund lawsuits and complaints should be aware of broader financial-strain signals at the sponsor level. These involve other Shopoff-affiliated entities, not Shopoff DLV QOZ Fund, LLC specifically, but they may be relevant context for investors deciding whether to act.
In 2024, Slate Asset Management reportedly filed foreclosure complaints against Shopoff Realty Investments over two Chicago office buildings, seeking roughly $39 million combined in unpaid amounts and breach-of-contract damages, according to trade press reporting. Separately, at least one investor review posted to Trustpilot in 2025 described having invested in a different Shopoff-sponsored offering in October 2024, receiving one quarterly interest payment, and then reportedly going unpaid for several consecutive quarters despite continued written updates from the company.
None of this establishes that Shopoff DLV QOZ Fund investors have experienced the same issues, and consumer review sites are not a substitute for SEC filings or FINRA records. But alongside the stalled Dream Las Vegas project and the county’s “abandoned” classification, it is a data point worth factoring into any decision about whether to investigate a claim now rather than wait.
Key Offering Details – Shopoff DLV QOZ Fund
- Issuer: Shopoff DLV QOZ Fund, LLC
- Type of security: Equity (private placement, Reg D 506(c))
- Total offering amount: $186,000,000
- Estimated sales commissions: $13.6 million
- Minimum investment: $250,000
Brokerage Firms Selling the Fund
Numerous FINRA-registered broker-dealers were listed as participating in the sale of Shopoff DLV QOZ Fund, including:
- Shopoff Securities, Inc.
- Boustead Securities, LLC
- Innovation Partners LLC
- IBN Financial Services, Inc.
- Oak Tree Securities, Inc.
- Infinity Financial Services
- Kalos Capital, Inc.
- IFP Securities, LLC
- Patrick Capital Markets
- Saxony Securities, Inc.
- Ni Advisors
- World Equity Group, Inc.
- International Assets Advisory, LLC
- Third Seven Capital LLC
- Nobles & Richards, Inc.
- Arkadios Capital
- ShareNett Securities LLC
- LifeMark Securities Corp.
- D.H. Hill Securities, LLLP
- Wealthforge Securities, LLC
These firms and their brokers may have been financially motivated to recommend the product, given the high commission structure — over $13 million in estimated sales compensation.
Note: The White Law Group is also investigating other Shopoff-sponsored offerings, including Shopoff Land Fund IV, Shopoff Land Fund V, Shopoff Commercial Growth & Income Fund II, Shopoff Mesa Verde Fund, Shopoff Strategic Income Fund LP, and Shopoff Fund VII, LP. Investors in any Shopoff-sponsored fund are encouraged to contact our firm.
Risks of Shopoff and Other Reg D Private Placements
- Illiquidity: Investors may be unable to sell or redeem their shares for years.
- Speculative nature: The success of the fund depends on the performance of underlying real estate projects.
- High fees & commissions: These reduce investor returns and create conflicts of interest.
- Concentration risk: Many investors may not realize they are overexposed to high-risk alternatives.
Investor Recovery Options
Broker-dealers have a duty to ensure that investment recommendations are suitable given an investor’s risk tolerance, net worth, income, and investment objectives. If your financial advisor recommended Shopoff DLV QOZ Fund, LLC and you suffered losses, you may be able to recover damages through a FINRA arbitration claim against the brokerage firm.
The White Law Group’s Investigation
The White Law Group is investigating whether brokerage firms improperly recommended this fund to retail investors. Our securities fraud attorneys have handled numerous FINRA arbitration cases involving private placement investments, QOZ funds, and Reg D offerings.
Free Consultation
If you are concerned about your investment in Shopoff DLV QOZ Fund, LLC, contact The White Law Group, national securities fraud attorneys with offices in Chicago and Seattle, at (888) 637-5510 for a free consultation, or visit our contact page. You can also learn more about the process on our FINRA arbitration attorney page.
Frequently Asked Questions – Shopoff DLV QOZ Fund Lawsuit and Complaints
What is the Shopoff DLV QOZ Fund, LLC?
It is a private real estate investment structured as a Qualified Opportunity Zone fund, launched in 2020, that sought to raise $186 million to help finance the Dream Las Vegas hotel-casino project.
Is the Dream Las Vegas project still going to be built?
It’s uncertain. Construction reportedly halted in 2023, ownership of the site transferred to contractor McCarthy Building Companies in 2025, and as of December 2025 the 4.7-acre parcel was reportedly listed for sale through Colliers International. Clark County has extended the project’s development approvals three times, most recently in November 2025, but no construction restart date has been reported.
Why is the Shopoff DLV QOZ Fund considered risky?
These types of private placements are speculative, illiquid, and pay high broker commissions, making them unsuitable for many retail investors. The fund’s fortunes are also tied almost entirely to a single, now-stalled development.
How can I recover losses from the Shopoff DLV QOZ Fund?
If your financial advisor recommended the investment without properly disclosing the risks, you may be able to file a FINRA arbitration claim against the brokerage firm that sold it to you.
Are there other complaints or lawsuits involving Shopoff Realty Investments?
Yes, though not all are specific to the DLV QOZ Fund. Reported issues include a 2024 foreclosure complaint from Slate Asset Management over Chicago office properties and investor reviews describing missed distributions on other Shopoff-sponsored offerings. The White Law Group is separately investigating several other Shopoff-sponsored funds, including Shopoff Land Fund IV, Shopoff Land Fund V, Shopoff Commercial Growth & Income Fund II, and Shopoff Mesa Verde Fund.
