Federal Racketeering Case Against UDF, Convicted Felons, and Mehrdad Moayedi To Proceed

Posted June 30, 2022

"[T]he court denies the UDF Defendants’ Motion to Dismiss Plaintiffs’ First Amended Complaint (Doc. 47), and denies Defendant Mehrdad Moayedi’s Motion to Dismiss Plaintiffs’ First Amended Complaint (Doc. 49). The court and its staff have expended numerous hours and scarce judicial resources in ruling on Rule 12(b)(6) motions. The court directs all Defendants not to file any further Rule 12(b)(6) motions."

UDF Drops Frivolous Claims - And Charade of Blaming Kyle Bass and Hayman for UDF’s Ponzi Scheme

Posted May 30, 2022

“Plaintiffs [UDF] sued Defendants [Hayman Capital and Kyle Bass] for business disparagement, tortious interference with contract, tortious interference with business relations and civil conspiracy.  Plaintiffs hereby nonsuit all of Plaintiffs’ claims against Defendants."

Convicted Felons (Greenlaw, Wissink, etc) Used $65M of Investor Money to Pay Previous Investors

Posted May 24, 2022

UDF executives used $65M of investor money between 2011 and 2015 to pay previous investors, The Dallas Morning News reported. They used another $7.4M to funnel money between two funds between 2014 and 2015.

The quartet of UDF executives was found guilty by a jury in January of taking investor money for one of the REIT's five funds, UDF IV, and using it to pay off the obligations of a previous debt fund, UDF III, when borrowers from the latter fund were slower than anticipated making payments on their loans. The company and the four defendants agreed to pay an $8.2M Securities and Exchange Commission fine without admitting or denying wrongdoing in 2018.

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