Tr?id=566623520170033&ev=PageView&noscript=1

Fifth Circuit Upholds Conviction of UDF Executives in Securities Fraud Case

Posted on August 10th, 2023 at 11:48 AM
Fifth Circuit Upholds Conviction of UDF Executives in Securities Fraud Case

From the desk of Jim Eccleston at Eccleston Law 

In a recent ruling, the Fifth Circuit upheld the conviction of United Development Funding (UDF) executives on multiple charges of wire and securities fraud linked to their operation of a Ponzi scheme.

The court affirmed that UDF had engaged in fraudulent activities, deceiving over 30,000 investors nationwide and amassing over $100 million through a ten-year-long Ponzi scheme. This scheme revolved around providing loans to housing developers in Texas. In February 2023, the Fifth Circuit declined to release the executives from federal prison during their appeal against their convictions, handed down in May 2022.

DI Wire reported that the four UDF executives had received combined sentences of 20 years in January 2022, as reported by The DI Wire. The CEO, Hollis Greenlaw, was sentenced to seven years, while Partnership President Benjamin Wissink and CFO Cara Obert received five-year sentences each. Asset Management Director Jeffrey Jester was sentenced to three years. Additionally, Greenlaw, Wissink, and Obert were fined $50,000 each.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

 

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

1787947445 Law
August 28, 2026
SEC Accuses Goliath Ventures of $425 Million Crypto Investment Ponzi Scheme

The Securities and Exchange Commission (SEC) has filed a civil complaint against Goliath Ventures Inc.

1787852053 Law
August 27, 2026
United Capital Revives Lawsuit Against Osaic

According to AdvisorHub, United Capital Financial Advisors has revived its lawsuit against independent broker-dealer Osaic by filing an amended complaint that reframes the dispute around the alleged misuse of confidential information obtained during Osaic's unsuccessful effort to acquire the firm.

1787765850 Law
August 26, 2026
FINRA Orders WestPark Capital to Pay $520,000 Over GWG L Bond Sales

The fallout from the collapse of GWG Holdings continues to affect the broker-dealers that sold the company's illiquid L bonds.