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 arosca@prwlegal.com, or by filling out the contact form on this page.

Important Case Updates

Attorney Alan Rosca spoke with a reporter from The Forum, a newspaper covering Fargo and Moorhead, North Dakota.  The reporter reached out to the North Dakota Developments investor lawyers regarding the class action they filed in federal court. The full article is available on The Forum’s website at http://www.inforum.com/news/3798943-lawsuit-alleges-bismarck-firm-had-role-ponzi-scheme. The class action lawsuit to which the… Read more »

Hundreds of North Dakota Developments investors are now working with the Peiffer Rosca Wolf lawyers. The Peiffer Rosca Wolf attorneys have filed a class action complaint against a North Dakota law firm that, they alleged in their class action complaint, played an important role in the NDD program.   Of those investors, over 100 have… Read more »

The insurance company that provides insurance coverage for a law firm that has been sued by the Peiffer Rosca Wolf lawyers representing investors in the North Dakota Developments, LLC (“NDD”) alleged Ponzi scheme filed a federal lawsuit in North Dakota on Wednesday, July 8, seeking a declaration from the federal Court that it has no… Read more »

North Dakota Developments investors represented by the Peiffer Rosca Wolf lawyers have filed a class action lawsuit in the United States District Court for the District of North Dakota to seek compensation in connection with their NDD-related losses. The Peiffer Rosca Wolf securities lawyers are pursuing an action on behalf of investors against a North… Read more »

  Lawyers at the Peiffer Rosca Wolf law firm are close to finalizing their investigation of the North Dakota Developments, LLC (“NDD”) matter. They are taking steps in preparation for their anticipated legal action on behalf of NDD investors. Working with local co-counsel in North Dakota, lawyers Alan Rosca and Joe Peiffer are in touch… Read more »