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ALERT: UDF “used Land Opportunity Fund as a pawn in the Ponzi scheme”

Posted July 16, 2019

"To do so, UDF used funds from UDF IV, V, and LOF to (1) either 'purchase' portions of non-performing loans from UDF III, which loans defaulted shortly after the purchase, or (2) to make 'loans' to entities that had already borrowed money from UDF III but had trouble paying it back, and have those entities in turn repay the earlier loans to UDF III."  

SEC Complaint

Posted July 9, 2018

The attached complaint was filed by the SEC and alleges from at least January 2011 through December 2015, UDF used money from a newer fund to pay distributions to investors in an older fund, without adequately disclosing the use of funds and the nature and status of loans made to developers.

SEC Charges Real Estate Investment Funds and Executives for Misleading Investors

Posted July 9, 2018

The Securities and Exchange Commission announced charges against two real estate investment funds and four executives in connection with their alleged roles in misleading investors by failing to disclose that it was using money from a newer fund to pay distributions to investors in the older fund.

Final Judgment as to Hollis M. Greenlaw, Benjamin L. Wissink, Theodore F. Etter, and Cara D. Obert

Posted July 9, 2018

Attached is the Final Judgment as to Defendants Hollis M. Greenlaw, Benjamin L. Wissink, Theodore F. Etter, Cara D. Obert, and David A. Hanson.

UDF Entities + Convicted Felons (Greenlaw, Wissink, and Obert) sued by NexPoint

Posted August 19, 2022

“Specifically, the complaint alleges that Defendants used shareholder money to pay their own personal obligations under a SEC settlement, lied about using shareholder money to satisfy the personal financial obligations of certain of the Defendants under the SEC settlement, improperly spent millions of dollars in shareholder money to fund their criminal defense, paid themselves lucrative management fees on overvalued assets, and tried to hide their actions by blocking audited financials of UDF.”   

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."

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