As FBI agents were raiding the offices of Texas-based United Development Funding (UDF), packing up a rental truck full of documents from the office in a potential Ponzi scheme investigation, J. Kyle Bass must feel a degree of satisfaction. As first reported in ValueWalk, Bass shorted the stock through his hedge fund, Hayman Capital Management, on suspicions of nefarious behavior at the firm and later, using the pseudonym “Investor for Truth,” published a report outlining the concerns. Trading in the stock of United Development Funding IV, which had fallen more than 50% in value, was halted today on the NASDAQ.
UDF: high commission payments to financial advisors fueled by greed were at root cause...
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