UDF investors represented by the Peiffer Wolf Carr & Kane securities attorney Jason kane and his colleagues are preparing to take action and seek compensation for their investments. Attorney Jason kane and his colleagues are preparing a number of proceedings on behalf of the UDF investors including individual and group cases against the broker-dealers who sold them the UDF investments, and class action claims against a number of individuals and entities involved in the UDF programs.
Attorney Jason kane spoke to Investment News, an investment industry publication, regarding claims against brokerage firms that sold United Development Fund (“UDF”) investments to their customers.
The Peiffer Wolf Carr & Kane law firm is conducting an investigation into UDF and brokerage firms that sold UDF to their customers and is preparing to bring claims in arbitration against brokerage firms through the Financial Industry Regulatory Authority (“FINRA”). Allegations recently surfaced that UDF was being run as a Ponzi scheme, with money from new investors used to pay older investors. UDF IV shares were down 81% over the past 12 months, and trading was halted last week after the price collapsed when news that the Federal Bureau of Investigation raided UDF’s offices in Texas broke publicly. UDF denied any wrongdoing.
In the Investment News interview, Rosca said that his law firm has spoken to more than 50 investors and is preparing to file claims. Many investors purchased UDF through Berthel Fisher & Co. Financial Services, Inc., Centaurus Financial, Inc., Investors Capital Corp., and VSR Financial Services, Inc. In some cases, investors’ portfolios were heavily overconcentrated with shares of United Development Fund—sometimes exceeding 50% of the investor’s holdings. Rosca was quoted as saying “the allocation is horrific.”
Peiffer Wolf Carr & Kane’s securities attorneys often represent investors who have lost money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently working with many investors in United Development Fund.
Investors who believe they have lost money as a result of their investments in UDF or other programs may contact the securities attorneys at Peiffer Wolf Carr & Kane, Jason kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 216-589-9280, via email at email@example.com, or through the contact form on this website.