Grapevine-based lender and investor United Development Funding, which has been under investigation by federal officials for several months, has been given conditions that could see it maintain its NASDAQ listing.
The trust’s continued listing is subject to the condition that, on or before Sept. 12, 2016, the trust must demonstrate compliance with NASDAQ filing requirements by completing all necessary periodic reports with the Securities and Exchange Commission.
United Development Funding, a real estate funding and investment firm, has been under investigation by federal officials, accused of defrauding investors and making inappropriate loans.
The company has been sued by several shareholders and federal agents seized some of the company’s documents. Dallas-based hedge fund investor Kyle Bass last year launched a website alleged UDF is a “Ponzi scheme.” UDF has denied these charges.