Dimond Kaplan & Rothstein represents investors who have lost money in United Development Funding (UDF) investments as a result of UDF Fraud. UDF is a real estate investment company that purported to invest in real estate projects mostly in Texas. The FBI recently raided UDF’s office and the SEC is investigating UDF for possible Ponzi scheme activity.
UDF is accused of using newer investors’ money to fund earlier UDF companies. Such funding would have allowed the older UDF entities to pay supposed investment returns to earlier investors. But many of UDF’s purported development sites, which serve as collateral to UDF development loans, continue to be undeveloped land many years after loans were issued. UDF’s share prices have dropped significantly in value after the FBI’s and SEC’s investigations were announced.
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DKR is pursuing FINRA arbitration claims against brokerage firm that sold United Development Funding investments for, among other things, failing to perform adequate due diligence on UDF before recommending and selling UDF to investors.
If you suffered losses from United Development Funding investments, contact a DKR stockbroker negligence lawyer for a free case evaluation. The attorneys at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions. Contact us to schedule an appointment or consultation today.