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Frankowski Firm Investigating UDF REITs

The Frankowski Firm is continuing its investigation into United Development Funding III and IV (UDF) on behalf of investors in the company's real estate investment trusts (REITs). The FBI recently raided the company's offices in Texas, and immediately afterward UDF IV's price dropped to $3.20 per share, more than 81% lower than its December 2015 price of $17.20. Investors have lost about $1 billion in UDF investments and shareholder class action lawsuits have been filed. The investment fraud attorneys at The Frankowski Firm believe that they can help investors recover their losses, including investors who invested in UDF products prior to June 2014. Richard Frankowski, owner of The Frankowski Firm said, "Investment advisers, brokers and their firms have a legal duty to understand and communicate to investors all the material facts about an investment, including the risks, before the investment is made. In other words, they have a duty not to misrepresent or fail to disclose any important facts before [...]

By |March 2nd, 2016|Legal Matters, FINRA, Fraud, Press Releases & News|
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Texas REIT Subpoenaed Following FBI Raid

Management of real estate investment trust United Development Funding IV, a hedge fund accused of operating as a Ponzi scheme, has been subpoenaed to turn over company documents to a grand jury. Last week, the FBI raided the REIT's offices outside of Dallas. While performing their search, “law enforcement officers served executive officers of the trust and certain other employees of the trust's advisor and its affiliates” with the subpoenas for company documents, according to a filing with the SEC. UDF IV share prices plummeted after the news of the FBI raid last week. Shares fell nearly 55% during trading on Thursday to $3.20 per share. That day, NASDAQ told UDF it was suspending trading of the Texas REIT. In the SEC filing, the company said that it did not “believe that it, its officers or the employees of its advisor and its affiliates have violated any laws or regulations, and the trust intends to cooperate fully with the government's investigation.” [...]

By |February 22nd, 2016|Fraud, Press Releases & News, SEC|
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Texas REIT Offices Raided By FBI

The FBI raided the office of a Texas REIT, United Development Funding IV, this week. The firm saw its stock price drop 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. The FBI's presence at UDF headquarters further diminished the company's share price, which fell almost 55% during trading on Thursday to $3.20 per share after it was reported locally that the FBI agents were carrying boxes out of the company's headquarters. In December, UDF shares were trading at $17.20. UDF IV had total assets of $684 million, the vast majority of which, $513.2 million, were notes receivable, according to its quarterly report from November. Notes receivable for related parties was $69.6 million, according to the report. UDF IV was knocked on its heels in December when an investor website [...]

By |February 19th, 2016|Fraud, Press Releases & News, SEC|
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Former Wedbush Securities Broker Defrauds Elderly Customer

  In July 2014, Michael Winegar, formerly a broker with Wedbush  Securities, allegedly convinced an elderly customer to pay him $100,000. Winegar told the 85-year-old customer that he would use the funds to create an independent advisory firm through which Winegar would supposedly satisfy the $100,000 debt by providing the customer with free investment advice over the next four years. Winegar never established an independent advisory firm. In fact, Winegar was planning on retiring from the securities industry at the time of the agreement. After receiving the $100,000, Winegar sold his securities business to another Wedbush representative and left the industry. As part of the sale, Winegar entered into a non-compete agreement that prevented him from providing investment advice to his former Wedbush customers, including the elderly customer from whom Winegar had received the $100,000. Winegar used the customer's money for his own personal use, including paying off his daughter's student loan debt and his own credit card bills. He [...]

By |February 4th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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