Investigating Potential Claims in United Development Funding III
Did you lose money investing in United Development Funding III at the recommendation of your broker? If so, the attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
United Development Funding III LP operates as a real estate investment firm for institutional investors. The Company’s investment strategy if based on financing and acquiring land for median-priced residential homes, according to Bloomberg.
Latest News on United Development Funding III
According to SEC filings, on May 30, 2017, United Development Funding III, LP (UDF III) published a letter to limited partners which highlighted developments since UDF III’s previous limited partner letter published on December 5, 2016.
UDF III reported that it had used operating cash flows to reduce debts, which totaled approximately $1.1 million as of May 26, 2017. Additionally, the company paid distributions of $0.17 per unit in 2016. UDF III also noted that it had entered into assignments and a release agreement regarding Buffington Land Development which may have a materially adverse impact on unitholders. UDF III further noted that it is still working to produce financial statements as soon as practically possible. UDF III’s latest financial statements were for the quarter ending September 30, 2015.
The company also noted that it is currently unable to produce an estimated value of its units due to the absence of financial statements in recent time periods.
Investigation of United Development Funding III
The White Law Group continues to investigate the liability that brokerage firms may have for recommending UDF to its clients. The firm has handled a number of claims involving UDF over the years. In those claims, the firm has alleged, among other things, that the UDF investments were
- high-risk and unsuitable for our clients given their financial situation, needs and investment objectives,
- that the risks of the investment were not fully disclosed to them, and
- that the brokerage firms that sold the investments failed to conduct the proper due diligence with respect to the UDF investments (as the firms are required to do by FINRA Rules).
If you suffered losses investing in United Development Funding III and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors in FINRA arbitration claims throughout the country. Visit the firm’s homepage to learn more about the firm’s representation of investors.