Monday, December 04, 2017
I heard the rumor a few weeks ago that Houston-based independent broker dealer IMS Securities could close down due to an arbitration claim related to the sale of UDF IV, among other investments. Today, InvestmentNews is confirming the rumor. That's too bad. Whether or not UDF is ever proved to have run ponzi scheme, as alleged, its other major flaws - affiliated dealings, high fees, high distributions supported by loans that generated no current interest, many of which were routinely extended, to name a few - were clearly visible in filings.