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Press Release

U.S. Attorney Seeking Investors Defrauded by United Development Funding

For Immediate Release
U.S. Attorney's Office, Northern District of Texas

The United States Attorney’s Office for the Northern District of Texas is searching for investors who may be victims of the conduct committed by United Development Funding (UDF) executives Hollis Morrison Greenlaw, Benjamin Lee Wissink, Cara Delin Obert, and Jeffrey Brandon Jester, announced U.S. Attorney Chad E. Meacham.

On Jan. 21, 2021, following a five day trial, a jury convicted the defendants of conspiracy to commit wire fraud, conspiracy to commit securities fraud, and eight substantive counts of securities fraud.

At trial, prosecutors proved beyond a reasonable doubt that between January 2011 and December 2015, Mr. Greenlaw and his coconspirators engaged in a scheme to defraud using investment fund entities UDF III, UDF IV, and UDF V.  

According to the Crime Victims’ Rights Act, victims – in this case, the roughly 30,000 individuals who invested in UDF III, IV, and V  –  may be entitled to restitution.

In order to be kept apprised of developments in the case, victims should visit for up-to-date information on sentencing hearings (currently scheduled for May 20, 2022 at 9 a.m. in Fort Worth, Texas before U.S. District Judge Reed O’Connor) and for instructions on how to submit victim impact statements, which may be emailed to

Prosecutors are requesting that broker-dealers and financial advisors who offered UDF III, IV, and V to their clients notify investors of this information as well.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation. Assistant U.S. Attorneys Tiffany H. Eggers (NDTX Criminal Chief), Rachael Jones, Elyse Lyons, and Errin Martin prosecuted the case. U.S. District Judge Reed C. O’Connor presided over the trial.

Updated February 23, 2022

Financial Fraud