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Meyer Wilson Law Firm Investigating United Development Funding Claims

Were you sold investments in UDF? Call (888) 390-6491 today.

The investment fraud lawyers at the law firm of Meyer Wilson are investigating potential claims on behalf of investors in United Development Funding (UDF) against the brokerage firms who sold the investments to their customers.

If you invested in United Development Funding at the recommendation of your broker and lost money, we invite you to contact an investment fraud lawyer at Meyer Wilson today for a free review. Fill Out a Free Online Review Form

About UDF

For several years, UDF, a Texas-based non-traded real estate investment trust (REIT), has marketed itself to retail investors on the premise that it offers “unique and fundamentally sound investments in affordable residential real estate.” According to UDF’s website, all UDF investments are sold through brokerage firms. Under securities industry rules, brokerage firms are required to conduct extensive due diligence on any investment that a firm sells to its customers. It has been reported that UDF has raised approximately $1 billion in funding through brokerage firm sales to retail investors in recent years.

The Raid

According to The Wall Street Journal, federal agents raided UDF’s offices in February, issuing subpoenas to company executives and removing various materials from the premises. A spokesperson for the FBI said that the agents were conducting “law enforcement activity” but declined further comment. No charges have yet been filed.

News of the FBI raid sent shares of UDF’s largest fund, United Development Funding IV, plummeting 54%.

Potential Problems Revealed

Just two days before the FBI raid, The Wall Street Journal published an article highlighting potential problems with UDF IV’s concentrated lending practices. According to the article, although UDF operates in North Carolina, South Carolina and Florida, 99% of the UDF IV fund’s portfolio consists of loans made to borrowers in Texas. The article further states that 67% of the balance of UDF IV loans was made to a single borrower, Texas-based Centurion American Development, or Centurion’s affiliates.

In December 2015, a Dallas hedge fund publicly raised questions about UDF on an Internet site. Among the allegations raised by the hedge fund was that UDF had used new investor money to repay investors in UDF’s earlier investment vehicles “consistent with a Ponzi scheme.”

What To Do Next

The lawyers at Meyer Wilson have represented approximately 1,000 investors over the last 15 years and have recovered tens of millions of dollars on their behalf. If you invested money in United Development Funding through the recommendation of a brokerage firm and lost money in those investments, contact the lawyers at Meyer Wilson to discuss your potential recovery options. You might be able to recover your losses against the brokerage firm that sold you the investments. Initial consultations are free and all of our cases are handled on a contingency fee basis.


Need More Information?

Investment misconduct can be complex and confusing. That’s why we’re here to help you. Visit our Common Questions page to find in depth answers directly from our attorneys. Get More Answers
Have You Been a Victim of Investment Fraud?

You trusted your financial advisor with your money, but now you're left wondering what went wrong. If you or a loved one suffered losses because of investment misconduct, Meyer Wilson can step in and fight to recover your losses. The team of investment fraud lawyers at the firm has been helping people like you since 1999 by winning judgments, settlements and verdicts worth hundreds of millions of dollars against brokerage firms, financial advisors and banks.

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