DBJ: UDF CEO, Execs Seek New Trial After Securities Fraud Convictions

Hollis Greenlaw, CEO of Grapevine-based lender United Development Funding, and three other UDF executives convicted of duping investors and banks in a scheme involving loans to developers of hundreds of residential communities across Texas, have demanded a new trial based on their claim of a “mosaic of cumulative error” by the federal judge presiding over the case.

U.S. District Judge Reed O’Connor put strict time limits on defense attorneys to present their side of the story to jurors and committed multiple other legal errors, according to claims in motions filed by lawyers for Greenlaw and his UDF colleagues.