By calling Stoltmann Law Offices in Chicago at 312-332-4200 and speaking to an attorney for free. We are securities lawyers who represent investment victims of UDF. Berthel Fisher sold investments in UDF to customers and these investments were not suitable for all investors. Allegedly, the United Development Funding IV (UDF) funded a large portion of its 2015 distributions to shareholders with borrowed money, in a similar fashion to a ponzi scheme. If you purchased UDF securities between June 4, 2014 and December 10, 2015, you may be entitled to recover your stolen funds. On December 10 and 11, UDF shares were down over 50% as a short-seller described the company as a ponzi scheme. Allegedly, UDF and other real estate investment trusts (REITs) used new debt and equity capital to pay off old investors. Stoltmann Law Offices is also investigating the alleged short-sellers. A complaint alleges that UDF senior executives misled investors by failing to disclose the liquidity relationships between the funds. The Securities and Exchange Commission (SEC) is also investigating the ponzi-like real estate scheme. The company’s nondisclosures of material information, their class period statements, operations and prospects were false or misleading and/or lacked a reasonable basis in violation of securities laws.
Berthel Fisher had an ironclad obligation to reasonably supervise its brokers, and, because it did not, can be held liable for losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum. We take cases on a contingency fee basis, which means we do not make money unless you recover yours. Please call as soon as possible, as there is a statute of limitations on most of these cases.
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