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United Development Funding resolves SEC investigation that started in 2014

Stock MarketsJul 03, 2018 04:34PM ET
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© Reuters. United Development Funding resolves SEC investigation that started in 2014
  • United Development Funding III, United Development Funding IV (OTCPK:UDFI) and certain individuals agree to a consent order that enjoins the companies from future violations of certain provisions of the federal securities laws.
  • The Individuals under the consent order are also subject to disgorgement and monetary fines, though the companies' statement doesn't say how much they're required to pay.
  • The companies and the individuals neither admit nor deny the allegations of the complaint and none of UDF's executives will be limited from continuing to manage the companies' business.
  • UDF now intends to pursue its litigation against Kyle Bass and Hayman Capital.
  • The SEC had been conducting an investigation of the companies since April 2014 and SEC staff had issued "Wells Notices" in Sept. 2016.
  • Source: Press Release
  • Previously: UDFI +3% after lawsuit against Kyle Bass, Hayman Capital allowed to proceed (June 12)
  • Now read: Affinion Group to sell insurance division to Mill Point Capital


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United Development Funding resolves SEC investigation that started in 2014
 

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