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DBJ: 30K Investors, Banks Bamboozled by UDF in Ponzi-like Scheme, Prosecutors Say

Roughly 30,000 victims nationwide lost money or were misled by North Texas-based United Development Funding and the firm’s executives, who were convicted last month of misusing proceeds from investors and financial institutions in a Ponzi-like scheme involving loans to residential housing developers across Texas.

Four top executives of Grapevine-based UDF, including CEO Hollis Greenlaw, were found guilty on Jan. 21 of 10 counts apiece, including securities fraud, wire fraud affecting a financial institution and conspiracy to commit securities fraud.

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