UPDATE: The Peiffer Rosca Wolf securities lawyers, together with co-counsel, have filed a class action on behalf of NDD investors against a North Dakota law firm that, according to the allegations in their class action complaint, played an important role in connection with the investors’ investments in NDD.
In a May 6, 2015 press release, the United States Securities and Exchange Commission (“SEC”) announced charges and an emergency asset freeze against North Dakota Developments, LLC (“NDD”) and its owners, Robert L. Gavin and Daniel J. Hogan.
According to CNBC, the SEC alleged that Gavin and Hogan raised over $62 million from investors who believed they were investing in housing for oil-field workers, and who also believed they would be receiving returns of up to 42%, with a “guarantee” of 25%. Instead, according to CNBC, in classic Ponzi-scheme fashion, the principals of NDD paid older investors with investments of new investors, and misappropriated tens of millions of dollars in broker commissions, investments in unrelated projects, and payments to themselves.
The McKenzie County Farmer, a local newspaper in North Dakota, also reported that the North Dakota Department of Securities ordered NDD to cease and desist from engaging in fraudulent practices in connection with its activities in the Bakken oil field region.
The attorneys at Peiffer Rosca Wolf Abdullah Carr & Kane have been investigating and evaluating this case and have taken action on behalf of NDD investors. Alan Rosca, Joe Peiffer, and the other attorneys at Peiffer Rosca Wolf Abdullah Carr & Kane represent individual and institutional investors who have suffered financial losses as a result of unlawful conduct by financial professionals.
Investors who have invested in NDD who would like further information or to discuss the investigation may contact Alan Rosca, Joe Peiffer, or James Booker toll-free at 888-998-0520 or by email, at firstname.lastname@example.org, or by filling out the contact form on this page.