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Hedge-fund manager Kyle Bass under SEC scrutiny over criticism of Texas real-estate lender


Kyle Bass’s market bet against a Texas real-estate lender seemed like an astute move. Throughout 2015, the hedge-fund manager accused the lender, United Development Funding, of operating like a Ponzi scheme. Authorities opened civil and criminal investigations into UDF, and Bass counted his winnings as UDF stock eventually fell to $1.

Today, Bass is also facing regulatory scrutiny.

After earning some $34 million by selling short shares of real-estate investment trust UDF IV, Bass’s Dallas-based company is under investigation by U.S. securities regulators, according to people familiar with the matter. They are looking at whether Bass’s relentless criticism…


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