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UDF IV Defaults On $35M Loan

United Development Funding IV (UDF IV), a Texas Real Estate Investment Trust (REIT), has defaulted on a $35 million term loan and has suspended its distributions to shareholders. The trust has been surrounded by trouble since December, when an anonymous post on an investor website claimed that UDF IV was operating as a Ponzi scheme. Later it became known that hedge fund manager Kyle Bass, founder of Hayman Capital Management, was shorting the trust. Shares in the company dropped for months before they stopped trading at $3.20 after the FBI raided UDF's offices outside of Dallas in February. The loan UDF IV defaulted on was issued in July 2014 by Waterfall Finance 4. As part of the default, the trust has entered into a forbearance agreement with three lenders who succeeded Waterfall Finance 4. The agreement became effective on March 4, when UDF acknowledged certain events of default, according to a filing made with the SEC on May [...]

By |May 25th, 2016|Fraud, Press Releases & News, SEC|
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FL Broker Charged With $131M Scam

Pranav Patel, a stockbroker from Tamarac, Florida, has been charged in an alleged $131 million stock manipulation scam after investigations by a task force set up for President Barack Obama’s war on financial crimes, according to federal officials. Patel and eight others engaged in the multi-state scam “through a dizzying round of unauthorized trades” to pump up the share price of a company with no business operations, federal prosecutor Robert L. Capers said. The case involves the NASDAQ-traded stocks of ForceField Energy Inc., which claimed to be a world-wide distributor LED lighting products. The nine co-conspirators were from four states across the US and were charged with securities fraud, conspiracy, wire fraud, money laundering and making a false statement to law enforcement officials. The charges followed actions by the President’s Financial Fraud Enforcement Task Force that “was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes,” Capers’ office said. The nine, who included Naveed [...]

By |May 20th, 2016|Fraud, Press Releases & News|
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Promoter Pleads Guilty To Pump-And-Dump Scheme

Greg Mulholland, a penny-stock promoter, pleaded guilty to conspiring to manipulate stocks and laundering over $250 million in profits. Prosecutors are calling it one of the biggest pump-and-dump schemes of all time. A pump-and-dump scheme is the fraudulent practice of encouraging investors to buy shares in a company in order to inflate the price artificially and subsequently selling one's own shares while the price is high. Gregg R. Mulholland pleaded guilty in Brooklyn federal court to manipulating over 40 publicly traded companies, including Cynk Technology Corp., whose stock’s climb and subsequent collapse in 2014 briefly gave the social-network operator a $4 billion valuation even though it reported no assets, no revenue and just one employee. Mulholland faces up to 20 years in prison for the pump-and-dump scheme, according to the Brooklyn U.S. Attorney's office. Prosecutors alleged Mulholland ran a broker-dealer called the Mulholland Group, which used shell companies in Belize and Nevis to conceal ownership in the stock of U.S. [...]

By |May 19th, 2016|Fraud, Press Releases & News|
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Leavitt Sanders’ Clients May Have Legal Rights

The Frankowski Firm, LLC has filed several lawsuits alleging that Leavitt Sanders and the entities he traded through committed investment fraud. These entities include Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors allegedly defrauded, many of whom are of retirement age, depended on the funds they entrusted to Sanders and allege that he and the associated firms failed to act in accordance with the investors’ objectives and with the applicable standard of care. The investors, having suffered catastrophic losses to their life savings, also allege that Sanders breached his duties and engaged in wrongful conduct. According to the investors, Sanders made trades and engaged in other investment activities without their authority. Furthermore, he failed to properly keep the investors informed about the trading within their accounts. Specifically, he engaged in “block purchasing,” which is the purchase of numerous shares of common [...]

By |May 17th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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