The settlement includes the filing of a complaint by the SEC and a consent judgment. Under the consent judgment, UDF and certain individuals (the “Individuals”) associated with UDF consent to the entry of orders enjoining them from future violations of certain provisions of the federal securities laws (including misrepresentation and omissions, reporting and books and records provisions). The Individuals will also collectively be subject to disgorgement and pre-judgement interest of $7.2 million and a monetary fine of $1.075 million. 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.
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