Wilmington, DE – December 13, 2025 – Thomas John Shopa Jr. (CRD# 4182416), a registered representative with Equitable Advisors, LLC, is facing significant investor allegations filed through FINRA arbitration. The complaint, filed in September 2025, alleges unsuitable recommendations involving a variable annuity and REIT that resulted in a substantial drop in portfolio value over a 10-year period. This article reviews the publicly available FINRA BrokerCheck disclosure and provides information for investors who may have experienced similar issues.
BrokerCheck Snapshot
Name: Thomas John Shopa Jr.
CRD #: 4182416
Firm: Equitable Advisors, LLC
Location: Wilmington, DE
Years in Industry: 25
Number of Disclosures: 1
Customer Complaint Against Thomas John Shopa Jr.
According to FINRA BrokerCheck records, a customer dispute was filed against Thomas John Shopa Jr. on September 5, 2025 (FINRA Case #25-01865). The complaint is currently pending arbitration.
The claimant alleges the following:
- Substantial Drop in Portfolio Value
- Unsuitable Recommendation and Sale of a Variable Annuity
- Unsuitable Recommendation and Sale of a REIT
The complaint involves real estate security products and variable annuity investments. The alleged damages are $2,200,000, based on an estimated drop in portfolio value from $4 million to $1.8 million between 2014 and 2024. The claimant seeks unspecified damages to be determined through arbitration.
The complaint arose while Shopa was registered with Lincoln Financial Advisors Corporation in Berwyn, Pennsylvania, where he worked from January 2008 to April 2024. The alleged unsuitable recommendations and sales occurred over a 10-year period spanning 2014 to 2024.
Pattern of Complaints and Risk Factors
While each case is unique, complaints of this type may indicate concerns related to unsuitable investment recommendations, inadequate risk disclosures regarding variable annuities, or a failure to supervise. Investors should carefully review account statements and seek legal guidance if similar issues occurred in their accounts, particularly involving long-term portfolio performance declines.
Can Investors Recover Losses?
Investors who were recommended unsuitable or high-risk investments, including variable annuities and REITs that did not match their investment objectives, may be entitled to recover losses through FINRA arbitration.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. Investors who have experienced broker misconduct can pursue claims through this process.
Thomas John Shopa Jr.’s Registration History
According to his BrokerCheck record, Thomas John Shopa Jr. has been in the securities industry since 2000. His registration history includes:
- Equitable Advisors, LLC (Wilmington, DE) – March 2024 to Present
- Lincoln Financial Advisors Corporation (Berwyn, PA) – January 2008 to April 2024 (both as broker and investment adviser representative)
- AXA Advisors, LLC (Bala Cynwyd, PA) – June 2000 to January 2008 (both as broker and investment adviser representative)
Shopa is currently registered with FINRA and licensed in 13 U.S. states and territories, including Arizona, California, Delaware, District of Columbia, Florida, Georgia, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, South Carolina, and Texas. He also holds investment adviser representative registrations in Arizona, Delaware, Florida, Pennsylvania, and Texas.
Related Brokers and Firms
If you lost money working with Thomas John Shopa Jr. or other registered representatives at Lincoln Financial Advisors Corporation or Equitable Advisors, you may have legal options. Patil Law represents investors with claims involving various forms of misconduct.
Variable annuities are complex insurance products that come with high fees, surrender charges, and investment risks. When recommended to investors who need liquidity or who have conservative risk profiles, they can constitute variable annuity fraud. Real estate securities, including REITs and real estate funds, have been associated with numerous investor complaints. For more information about REIT losses, please review our practice area page.
Frequently Asked Questions
What is the complaint against Thomas John Shopa Jr.?
The complaint alleges unsuitable recommendations involving a variable annuity and REIT that resulted in a substantial portfolio value decline from $4 million to $1.8 million between 2014 and 2024. The case is currently pending in FINRA arbitration with alleged damages of $2.2 million.
Can investors recover losses involving Lincoln Financial Advisors?
Yes. Investors who experienced unsuitable recommendations, misrepresentations, or other forms of broker misconduct while working with Lincoln Financial Advisors representatives may be entitled to recover losses through FINRA arbitration. The firm and its registered representatives are held to industry standards requiring suitable investment recommendations.
What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum where investors can bring claims against brokerage firms and financial advisors. It is typically faster and less expensive than court litigation. An arbitration panel reviews evidence and testimony before issuing a binding decision. Most securities customer agreements contain mandatory arbitration clauses.
What does “unsuitable investment” mean?
An unsuitable investment is one that does not align with an investor’s financial situation, investment objectives, risk tolerance, or investment time horizon. Brokers have a regulatory obligation to make suitable recommendations based on information they obtain from their clients. Recommending high-risk or illiquid investments to conservative or retired investors is a common form of unsuitability.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org. You can search by the broker’s name or CRD number. The system will display the broker’s employment history, qualifications, and any disclosure events, including customer complaints, regulatory actions, or criminal matters.
What should I do if I suspect broker misconduct?
First, document all account statements, communications, and investment recommendations you received. File a complaint with FINRA and your state securities regulator. Then, consult with a securities attorney who can evaluate whether you have grounds for a FINRA arbitration claim. Time limits apply, so it’s important to act promptly.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money while working with Thomas John Shopa Jr. or any other broker at Lincoln Financial Advisors Corporation or Equitable Advisors, LLC, Patil Law, P.C. can help. We offer a free, no-obligation consultation to review your situation and discuss your legal options.
Call us today at 800-950-6553 or email info@patillaw.com.
Our experienced securities attorneys are ready to fight for your rights and help you pursue recovery through FINRA arbitration.
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
