If you are an investor in United Development Funding III or IV, you probably have a lot of questions. Law enforcement authorities from the FBI executed a search warrant at the corporate office of UDF III and IV, signaling a criminal investigation of the firm. The SEC has also been investigating these companies since April 2014. The allegations currently surrounding UDF III and IV are incredibly serious, suggesting that UDF may be a billion dollar house of cards operating with the trademark characteristics of a Ponzi scheme and allegedly using money raised in new funds to pay investors in its older funds.
A number of questions have been raised about the legitimacy of the financial relationships between the affiliated UDF entities and the alleged account irregularities. But the red flags and potential problems with these investments did not start this year. They go back several years to when these investments were formed and sold to investors like you.
My law firm is currently representing investors with claims against their brokerage firms that sold them UDF. If you invested money in United Development Funding through the recommendation of your broker, contact the lawyers at Meyer Wilson to discuss your options. You might be able to recover your losses against the brokerage firm that sold you the investments.
All of our cases are handled on a contingency fee basis, which means we only charge a fee if we win your case and we do not charge a retainer of any kind. Contact our firm today to learn more!