{"id":2794,"date":"2016-03-15T00:00:00","date_gmt":"2016-03-15T04:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/fbi-raids-united-development-funding-udf-headquarters-amidst-sec-investigation\/"},"modified":"2018-10-08T12:39:42","modified_gmt":"2018-10-08T16:39:42","slug":"fbi-raids-united-development-funding-udf-headquarters-amidst-sec-investigation","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/fbi-raids-united-development-funding-udf-headquarters-amidst-sec-investigation\/","title":{"rendered":"FBI Raids United Development Funding (\u201cUDF\u201d) Headquarters Amidst SEC Investigation"},"content":{"rendered":"<\/p>\n

On February 18, 2016, the FBI raided the headquarters of UDF, the manager of a family of real estate investment trusts (\u201cREITs\u201d) and other funds, sending shares of UDF\u2019s largest fund, United Development Funding IV (\u201cUDF IV\u201d), tumbling 54% before NASDAQ halted trading, according to InvestmentNews<\/a>.<\/p>\n

The FBI raid is the most recent negative activity for the troubled fund manager. In November 2015, UDF\u2019s auditor, Whitley Penn disclosed he would no longer be auditing UDF\u2019s financial statements and UDF board member William Kahane resigned.\u00a0 A few weeks later in December 2015, Kyle Bass and his firm Hayman Capital Management, posted a report and letter alleging UDF was managed \u201clike a Ponzi scheme.\u201d \u00a0UDF responded to the reports, saying that it had been under SEC<\/a> investigation since April 2014.<\/p>\n

On February 5, 2016, Bass and his firm set up the website https:\/\/udfexposed.com\/<\/a> in order to further substantiate his allegations. Additionally, Bass revealed that he had a significant short position in UDF.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

On February 18, 2016, the FBI raided the headquarters of UDF, the manager of a family of real estate investment trusts (\u201cREITs\u201d) and other funds, sending shares of UDF\u2019s largest fund, United Development Funding IV (\u201cUDF IV\u201d), tumbling 54% before NASDAQ halted trading, according to InvestmentNews. The FBI raid is the most recent negative activity […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[594,583],"tags":[83],"class_list":["post-2794","post","type-post","status-publish","format-standard","hentry","category-real-estate-investment-trusts","category-sec-actions","tag-sec-investigation"],"yoast_head":"\nFBI Raids United Development Funding (\u201cUDF\u201d) Headquarters Amidst SEC Investigation — Securities Arbitration Lawyers Blog — March 15, 2016<\/title>\n<meta name=\"description\" content=\"If you invested in any United Development Funding products, contact Silver Law Group today to speak to an experienced securities attorney\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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