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 and UDF IV Amidst Ponzi Scheme Allegations, an SEC Investigation, and an FBI Raid of its Headquarters - EconoTimes)
BOCA RATON, Fla., March 31, 2016 -- Silver Law Group (www.silverlaw.com) is investigating REIT manager United Development Funding and its publicly-traded REIT, UDF IV, after the FBI raided UDF headquarters February 18, 2016. Silver Law group would like to talk to investors who invested in UDF and/or UDF IV.
UDF has endured a string of allegations and activity over the past four months. In November 2015, both its auditor and a board member disassociated themselves with UDF. A few weeks later in December 2015, Hayman Capital Management principal Kyle Bass anonymously posted a report and letter pointing out significant UDF business red flags and alleging it was being run like a Ponzi scheme. UDF responded saying that the SEC had been investigating it since April 2014. Bass later revealed himself as the anonymous poster, revealed that he had a significant short position in UDF, and established the site https://udfexposed.com/ in order to further substantiate his allegations.
The most recent negative news for UDF is the FBI raid and law enforcement activity on February 18, 2016. Over the course of these events, the shares have plummeted by 81% and NASDAQ halted trading of UDF IV.
UDF is a mortgage REIT that lends money to develop properties through its family of funds. It has raised over $1 billion – $700 million in UDF IV alone – with a majority of that money coming from retirees, unsophisticated investors, and “mom and pop” investors.
A majority of the proceeds were allegedly raised by RCS Capital, a broker-dealer firm founded by REIT mogul Nick Schorsch. Schorsch is the founder of AR Capital, the external advisor and co-sponsor of one of UDF’s funds.
If you invested in UDF IV or any other United Development Funding products or were sold these or other unsuitable investments by RCS Capital, you may be entitled to recover some of your investment losses. Please contact Scott Silver of the Silver Law Group for a free consultation at [email protected] or toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.
