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Oct 19, 2016

SEC Hits UDF With Wells Notice

By |October 19th, 2016|Fraud, Misrepresentation and Fraud, NASDAQ, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

The Frankowski Firm, LLC currently represents multiple investors who have invested in troubled United Development Funding REITs. Earlier this week, the Securities and Exchange Commission issued a Wells notice against the Texas company, which indicates that the SEC has made a preliminary determination to potentially recommend an enforcement action against it. Meanwhile, the NASDAQ stock [...]

Mar 21, 2016

Wedbush Fined For Trading Blunders

By |March 21st, 2016|Failure to Deliver, FINRA, FINRA News, NASDAQ, Press Releases & News, SEC|

A number of trading and clearing blunders by Wedbush Securities Inc. pertaining to a customer's redemption activity and trading of leveraged ETFs has led FINRA and the NASDAQ Stock Market to fine the firm $675,000. Wedbush acted as the clearing firm for its broker-dealer customer, Scout Trading, and as an authorized participant of varying [...]

Feb 22, 2016

Texas REIT Subpoenaed Following FBI Raid

By |February 22nd, 2016|Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, NASDAQ, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

Management of real estate investment trust United Development Funding IV, a hedge fund accused of operating as a Ponzi scheme, has been subpoenaed to turn over company documents to a grand jury. Last week, the FBI raided the REIT's offices outside of Dallas. While performing their search, “law enforcement officers served executive officers of the trust [...]

Dec 14, 2015

Texas REIT Plummets Following Ponzi Allegations

By |December 14th, 2015|Fraud, Misrepresentation and Fraud, NASDAQ, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC|

Stock in United Development Funding IV has gone into a free fall following a report published on an investor website that alleged the real estate investment trust has operated for years like a Ponzi scheme. Harvest Exchange, an online professional network for investors, published an anonymous post about UDF called "A Texas-Sized Scheme: Exposing the [...]

Sep 11, 2015

New York Global Group CEO Charged With Securities Fraud

By |September 11th, 2015|Conspiracy, Failure To Disclose, Fraud, Misrepresentation and Fraud, NASDAQ, Press Releases & News, SEC, Securities Law Violations|

Benjamin Wey, a well-known Wall Street financier who assisted many Chinese companies in accessing U.S. markets through reverse mergers, was arrested this week and charged with altering the companies' shares to allegedly earn himself tens of millions of dollars in illicit gains. Wey, the CEO of New York Global Group, now has criminal and civil cases against [...]

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