The LAW OFFICE OF PETER C. RAGEAS, PC is reviewing potential claims against brokerage firms that sold customers investments in a TEXAS REIT-(Real Estate Investment Trust). UDF was raided in February 2016 by the F.B.I. and the investigation continues.
The REIT-United Development Funding (UDF) was marketed as a safe product when in fact it was a risky, leveraged investment
We found this article relating to the Texas REIT and thought our readers would find it interesting:
FBI raids offices of Texas REIT
United Development Funding IV’s stock price has dropped 81% in the past two months after a hedge fund alleged it was operating like a Ponzi scheme.
The FBI on Thursday raided the suburban Dallas offices of a publicly traded real estate investment trust, United Development Funding IV.The firm, which also manages nontraded REITs, has seen its stock price fall 81% in the past two months after a hedge fund alleged it was operating for years like a Ponzi scheme. “The FBI is lawfully present and conducting law enforcement activity” at the UDF offices, said FBI spokeswoman Allison Mahan. A UDF spokeswoman, Stacey Dwyer, did not return a phone call on Thursday to comment. The company is a mortgage REIT that lends money to develop, read full article here
Anyone who lost money in UDF or a related company United Mortgage Trust is encouraged to call the Law Offices of Peter C. Rageas PC to determine if you have a claim. Our law firm is experienced in fraudulent investments and can help you today!