United Development Funding IV Subpoenaed By Grand Jury
Have you invested in United Development Funding IV? We are investigating claims made by Investmentnews.com that United Development Funding IV was subpoenaed by a grand jury to hand over company documents.
Late last week, the Federal Bureau of Investigation (FBI) has raided the offices of United Development Funding IV, a Grapevine, Texas company. According to the Dallas Morning News, the FBI searched the offices of United Development Funding IV and were seen carrying boxes out of the offices and loading them onto large trucks.
United Development Funding IV is a publicly traded REIT (real estate investment trust), that trades under the symbol UDF. UDF’s stock fell to $3.20 at the end of trading on February 19, 2016. UDF’s stock is now done over 80% since December 9.
United Development Funding IV has also been under investigation by the Securities and Exchange Commission (SEC). According to the Dallas Morning News article, a Dallas hedge fund Hayman Capital Management has alleged that United Development Funding IV “exhibits characteristics of a Ponzi scheme”. UDF responded by accusing Hayman of making false and misleading statements about UDF.
Financial advisors have a duty to perform adequate due diligence on an investment before recommending such to an investor. If the advisor fails to do so, they could be liable for investor losses. We currently represent an investor who lost money in UDF IV, and we would like to speak with other investors who lost money in UDF IV.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.
If you invested in United Development Funding IV and have suffered losses, please Contact Us at 720-599-3505 for a free evaluation of your case.