Recent SEC filings: UDF III claims to continue to work to produce missing financial reports
United Development Funding III LP operates as a real estate investment firm for institutional investors. The Company’s investment strategy is based on financing and acquiring land for median-priced residential homes, according to Bloomberg.
The White Law Group continues to investigate the liability that brokerage firms may have for recommending UDF III to its clients. The firm has handled a number of claims involving UDF III 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).
Update on United Development Funding III
On November 3, 2017, United Development Funding III, LP (UDF III) provided some updates on recent events. UDF III notes that its outstanding balance on its line of credit totals $1.1 million as of November 3, 2017, (unchanged from May 30, 2017).
UDF III management notes that it continues to work with its auditors to produce financial reports for 2015, 2016 and the first three quarters of 2017.
Management further noted that until such financial reporting is complete, customer account statements of UDF III limited partners will reflect no value reported. UDF III stated that Schedule K-1s for the 2016 tax year were mailed September 4, 2017.
Free Consultation with a Securities Attorney
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.