Monday, February 22, 2016
FBI raids UDF office in Grapevine on heels of "Ponzi scheme" allegations
Grapevine-based real estate investment firm United Development Funding (UDF) was raided by the FBI on Thursday in the wake of allegations brought against the company by Dallas hedge fund manager Kyle Bass, who accused the company of operating a $1-billion "Ponzi-like scheme".
FBI spokeswoman Allison Mahan confirmed the raid saying, "The FBI is lawfully present and conducting law enforcement activity," at UDF's corporate office at 1301 Municipal Way in Grapevine. Mahan declined to comment further about the open investigation, which is being conducted by the U.S. Attorney's office.
By Candace Carlisle of Dallas Business Journal