CLEVELAND--(BUSINESS WIRE)--United Development Funding (“UDF”) investors have retained the Peiffer Rosca Wolf securities practice attorneys to pursue compensation in connection with losses they incurred as a result of investing in UDF-sponsored programs. The Peiffer Rosca Wolf attorneys are preparing a number of proceedings against broker-dealer firms who sold UDF investments to investors, and also against other entities and individuals involved in or related to the UDF programs.
United Development Funding Recovery Options: Peiffer Rosca Wolf Targeting Broker-Dealer Firms Who Sold UDF Investments
The Peiffer Rosca Wolf securities attorneys are preparing to take action on behalf of UDF investors against a number of broker-dealer firms who sold UDF investments, and other entities and individuals involved with the UDF programs. Investors who purchased UDF investments through a financial professional may have a cause of action against the professional’s firm and may be eligible to recover the losses incurred as a result of the investment.
In particular, the Peiffer Rosca Wolf attorneys are investigating sales of UDF-sponsored investments purportedly made by the following broker-dealer firms:
- Berthel Fisher
- Centaurus Financial
- Newport Coast Securities
- IMS Securities
- Newbridge Securities
- Capital Financial Services
- Independent Financial Group
- Madison Avenue Securities
- WFG Investments
- Investors Capital Corp
- VSR Financial Services
- J.W. Cole Financial
- Titan Securities
The above list is not exhaustive and investors who purchased UDF investments through other broker-dealer firms may also be eligible to pursue a recovery. The Peiffer Rosca Wolf lawyers are preparing to file claims in FINRA arbitration, individually or as group cases, against some of the broker-dealer firms that sold United Development Funding investments to investors. Brokerage firms have a duty to conduct adequate due diligence on new investment products before recommending such investments to their customers.
Additionally, the Peiffer Rosca Wolf securities attorneys are working at class action proceedings to include United Development Funding investors who invested in a number of UDF programs before and after June 2014.
UDF Ponzi Scheme Allegations, Subsequent FBI Search Raise Questions as to United Development Funding
The recent issues involving United Development Funding come after an investigation by the Securities and Exchange Commission that started in 2014, allegations by a hedge fund manager that United Development Funding is running a "Ponzi-like" real estate investment scheme, and a recent FBI raid at the UDF offices.
United Development Funding's top officers were recently subpoenaed to provide business documents to a federal grand jury. Neither UDF nor its officers or directors have been charged with any wrongdoing. This comes after trading was suspended by NASDAQ in United Development Funding IV on February 18, 2016, following a drop in UDF IV's share price to $3.20 and the Federal Bureau of Investigation's raid of the United Development Funding office in Texas earlier that same day.
UDF Investors Options
If you invested in a United Development Funding program and wish to obtain additional information about our investigation or would like to discuss this matter or your rights, please visit www.udfinvestigation.com and complete the contact form, or contact Alan Rosca, James Booker, or Colin Ray toll free at 888-998-0520 or by email at arosca@prwlegal.com.
The Peiffer Rosca Wolf Abdullah Carr & Kane law firm ("Peiffer Rosca Wolf") represents individual and institutional investors who have suffered financial losses as a result of investment fraud or misconduct, Ponzi schemes, unsuitable investment recommendations, or abusive practices in the financial industry.
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