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Articles Tagged with United Development Funding IV

Jackie Divono Wadsworth (CRD #2342163) is a former registered broker and currently registered investment advisor whose last employer was IMS SECURITIES, INC. (CRD #35567) of Houston, TX. She worked for IMS since 1994, and the firm was expelled by FINRA on 9/04/2018. Previously, she worked for Retirement Investment Group (CRD #7421), also of Houston. She has been in the industry since 1993.

National Securities Corporation: Frequent Customer Disputes with FINRA on silverlaw.comIn 2017, Wadsworth was involved in a customer dispute involving multiple claimants while at IMS Securities. In it, the claimants alleged that “a non-party under the supervision of Respondents induced Claimants to invest in unsuitable, high-risk, illiquid investments, including United Mortgage Trust (“UMT”), United Development Funding II (“UDF II”), and United Development Funding III (“UDF III”).”  These allegations also included “aiding and abetting fraud, aiding and abetting breach of fiduciary duty, civil conspiracy, civil RICO, civil RICO conspiracy, and negligent supervision.” Filed on 6/7/2017, the arbitration was completed on 11/8/2018, awarding a total of $963,836.00 to the claimants.

Following this award, Wadsworth failed to respond to an information request from FINRA, causing a suspension on 8/3/2018. She did not request her suspension to be terminated, and is now barred from any association in any capacity with any FINRA member.

United Development Funding IV (“UDF IV”) announced a distribution amidst a continuing SEC investigation and delisting from NASDAQ exchange.

On November 8, 2016, United Development Funding (“UDF”) announced that its public real estate investment trust United Development Funding IV’s board of trustees has authorized a cash distribution of $0.08 per share payable on November 28, 2016 to its shareholders.

Though UDF shareholders do not have much to celebrate,  this distribution presents some   good news given the storm the company has been through.  For example, most recently, in October 2016, UDF IV was delisted from the NASDAQ Stock Market and is now listed on the OTC Markets under the symbol UDFI.  It’s currently trading at $2.76 per share.

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