Grapevine firm’s stock halted as FBI raids offices

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Shares in Grapevine-based United Development Funding IV fell Thursday before being halted following a raid by FBI agents at the real estate investment trust’s offices.

According to a report by Bloomberg, the Federal Bureau of Investigation received court authorization for the search. NBC 5 filmed FBI agents leaving the business with boxes and computer equipment.

Dallas hedge fund manager J. Kyle Bass, the founder of Hayman Capital Management, launched a website, udfexposed.com, earlier this month that accuses the company of operating a “Ponzi-like” real estate scheme.

Bass’s company has taken a short position in United Development, which trades on the NASDAQ under the UDF symbol. The company has denied the allegations on the website. 

Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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