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United Development Funding IV L.P. Update

Groups of investors who bought UDF IV shares from VSR, Berthel Fisher, Sun America and other brokerage firms are being gathered together by Diane Nygaard in order to pursue FINRA arbitrations against the brokerage firms. Before recommending any security, a brokerage firm is required to do “due diligence”, researching whether or not a stock is a legitimate and reasonable investment for its customers. Unfortunately, the brokerage firms, including VSR, Berthel Fisher, Securities America and other brokerage firms sold UDF IV to their customers simply because of the relationships they had with UDF IV, rather than based on their research. Kyle Bass, one of the hedge fund managers featured in The Big Short, began shorting UDF IV in December, claiming that it was a Ponzi scheme, using later investors’ money to pay returns to earlier investors. The company, of course, vehemently denied this, but NASDAQ has called a halt to trading in the stock while it investigates. Insiders are “lawyering up.” If it is a Ponzi scheme, of course, it will all tumble like a house of cards and all investors are not likely to be reimbursed. That is why I am, instead, focusing on representing groups of investors in FINRA arbitrations against the brokerage firms who recommended UDF IV to its customers for violating their duties toward them. Please click on the link at the top of this page for more information on this topic.

Securities Litigation & Arbitration

Representing investors in conflict with their financial advisor or stockbroker.

Class Actions

Diane A. Nygaard has more than 25 years of experience in class action lawsuits.

Annuity Insurance Litigation

Skilled in recovering money from insurance companies in annuity lawsuits.


Nygaard helps you fight churning – an illegal act committed by your stockbroker.

Oil & Gas Investments

Helping you fight advisors that chose not to work in your best interest.

Non-Traded REITs

If you’ve been duped into buying a non-traded REIT, Nygaard is here to help.

Energy Stocks, Bonds and MLPs Investor Alert

If your broker recommended Oil and Gas Bonds, Stocks or Master Limited Partners (MLPs), reach out today.

Variable Universal Life Insurance

Don’t destroy your life with a variable universal life insurance policy.

Dedicated to Recovering Your Losses

A ttorney Diane A. Nygaard has been fighting for the rights of fraud victims for many years. With experience in cases large and small, high-profile and everyday, Diane is prepared to handle your case with aplomb, compassion and the knowledge of a Harvard-educated lawyer.

Her recent cases include a settlement for $200,000,000, and she is willing to dedicate the time and energy necessary to fight your case with equal vigor to ensure you receive justice.

If you’ve lost money due to fraud or an investor that chose to not work in your best interest, contact your attorney today. And when you want and expect the best from your lawyer, you turn to Diane A. Nygaard.


It is difficult to believe that someone you have trusted with your savings might have abused that trust. However, the securities laws require active supervision of all investment advisors. Most cases I have handled could have been prevented had the brokerage firm or advisory firm complied with the supervisory regulations. Cases can proceed against the firm. It is not legally necessary to name the individual broker.

Diane Nygaard, P.A.

Success for Investors


Diane A. Nygaard was co-counsel in this shareholder derivative case that resulted in a $200 million class action settlement on behalf of former stockholders of Kinder Morgan, Inc. (KMI). In Re Kinder Morgan. Inc. Shareholders Litigation, Consol. Case No. 06 C 801, District Court of Shawnee County, Kansas. A buyout group lead by KMI’s largest stockholder and Chairman, Richard Kinder, […]



In August, 2011, Diane Nygaard arbitrated and won a case against Oppenheimer Securities for an investor who had a realized loss of $187,000 on speculative securities that his Oppenheimer broker sold to him as “safe and liquid” investments. The panel awarded the investor the amount of his losses, attorneys’ fees, expert witness fees, and interest from February 2008 to the […]



In July 2010, Diane Nygaard tried and won an arbitration for three E*TRADE investors who had been sold risky securities without disclosing all material facts to them. The FINRA arbitration panel ordered E*TRADE to repay the three investors all the par value of their securities, their attorneys’ fees and costs of the FINRA arbitration (Lozes, et al. v. E*TRADE, Case […]


If you’ve lost money at the hands of an untrustworthy broker or advisor,
contact attorney Diane A. Nygaard today.