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DBJ: UDF Execs to Remain Free Pending Sentencing on Securities Fraud Convictions

The CEO and three other executives of Grapevine-based United Development Funding convicted of securities fraud, wire fraud and conspiracy will be free while they await sentencing in May, a federal magistrate ruled Monday.

Hollis Greenlaw, CEO and chairman of UDF’s board of trustees, was taken into custody along with three other convicted executives of the residential development lending firm on Friday after a jury found them guilty of 10 counts apiece, including securities fraud, wire fraud affecting a financial institution and conspiracy to commit securities fraud.

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