United Development Funding IV fka UDFI

[56Chevy]

Headline: UDF Resolves SEC Investigation

Company Release - 07/03/2018 16:12

GRAPEVINE, Texas, July 03, 2018 (GLOBE NEWSWIRE) -- United Development Funding III, L.P. and United Development Funding IV (OTC:UDFI) (collectively “UDF” or the “Companies”) announce their settlement with the Securities and Exchange Commission (“SEC”) of all outstanding issues and the complete resolution of the SEC’s investigation. As previously disclosed by UDF, the SEC had been conducting an investigation since April 2014, which was followed by “Wells Notices” from the staff of the SEC in September 2016.

The settlement includes the filing of a complaint by the SEC and a consent judgment. Under the consent judgment, the Companies and certain individuals (the “Individuals”) associated with the Companies consent to the entry of orders enjoining them from future violations of certain provisions of the federal securities laws, and the Individuals are also subject to disgorgement and monetary fines. UDF 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 UDF’s business.

“We believe that it was time to put this matter behind us and that this settlement is in the best interests of UDF and its investors,” said Hollis Greenlaw, CEO of UDF IV. UDF IV had already undergone an independent investigation conducted by the law firm Thompson & Knight LLP with the assistance of independent forensic accountants from a global accounting firm, and certain of their findings were publicly disclosed in a press release dated May 17, 2016.

[....]

Source:

http://www.udfonline.com/independent-investigation-united-development-funding-iv-finds-no-evidence-fraud.

*SEC mystery is behind us! This makes for a very interesting open on Thursday!

Marker:
United Development F (UDFI)
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