Candy’s Dirt: Two indicted UDF executives live in a $6MM home in Highland Park

Posted October 26, 2021

"Prosecutors in the Northern District of Texas have taken definitive action against four executives with United Development Funding, the Grapevine-based real estate investment trust the FBI raided in February of 2016.

Two of the four are Highland Park residents who reside just south of Beverly Drive in a $6 million home. Agents involved in the sale say the home was purchased shortly before the raid.

More than five years after that initial raid, the U.S. Attorneys’ office charged the four — CEO Hollis Greenlaw and three of his colleagues at the Grapevine-based real estate investment trust — with conspiring to deceive banks and investors through a series of real estate investment funds.

The defendants are Greenlaw of Colleyville, Benjamin Wissink and Cara Obert of Highland Park, and Jeffrey Brandon Jester of Wylie."

DMN: Grapevine real estate trust CEO, other execs face federal charges of defrauding banks/investors

Posted October 22, 2021

“The chief executive of a Grapevine lender that operates various real estate investment trusts and three other executives have been charged by federal prosecutors with engaging in a scheme to defraud banks and investors about the source of funds used to pay them.

The indictment, filed in federal court in Fort Worth and made public this week, names Hollis Greenlaw, CEO of United Development Funding, along with Benjamin Wissink, Cara Obert and Jeffrey Jester. They’re charged with conspiracy to commit wire fraud affecting a financial institution and conspiracy to commit securities fraud.”

INDICTED! 4 UDF EXECUTIVES CHARGED WITH 10 FELONY COUNTS OF FRAUD: GREENLAW, WISSINK, OBERT & JESTER

Posted October 20, 2021

"The purpose of the conspiracy was to: (a) conceal from Fund III, Fund IV, and Fund V's shareholders, the investing public, due diligence entities, external auditors, and the SEC the true performance of Fund Ill's business; (b) conceal from Fund III, Fund IV, and Fund V's shareholders, the investing public, due diligence entities, external auditors, and the SEC Fund Ill's financial condition, in order to encourage investment in later funds, e.g., Fund IV and Fund V; and (c) enrich defendants Hollis Morrison Greenlaw, Benjamin Lee Wissink, Cara Delio Obert, Jeffrey Brandon Jester, and others through the continued receipt of compensation."

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