TJ Shopa: $2.2mm REIT Complaint Against Equitable Advisor

Wilmington, Delaware financial advisor TJ Shopa (CRD# 4182416) recently received an investor complaint alleging that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Equitable Advisors.

Mr. Shopa’s BrokerCheck report discloses one investor complaint. Filed in September 2025, it alleges that as a representative of Equitable Advisors, he recommended unsuitable investments in a variable annuity and a real estate investment trust (REIT). The pending complaint alleges damages of $2.2 million.

A real estate investment trust, or REIT, is an investment company that pools funds from investors for the purchase and operation of real estate. REIT investments come with the promise of access to real estate and the income streams it generates, although they also come with certain risks. Although publicly traded REITs can be liquid investments that offer routine cash flow to investors, they are still subject to market conditions. Meanwhile, non-traded REITs are usually illiquid investments with little to no transparency, which can make them unsuitable products for unsophisticated and/or conservative investors. In fact, FINRA warned in a 2016 investor alert that non-traded REITs are “rarely, if ever, suitable for short-term investors.” Brokers who recommend unsuitable REIT investments may be liable for damages.

According to the Financial Industry Regulatory Authority, TJ Shopa holds 25 years of securities industry experience. Based in Wilmington, Delaware, he has been registered as a broker and an investment advisor with Equitable Advisors since March 2024. His past registrations include Lincoln Financial Advisors Corporation and AXA Advisors. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He is licensed in Arizona, Delaware, the District of Columbia, Florida, Georgia, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, South Carolina, and Texas. (Information current as of November 8, 2025.)

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