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Jay Morrison was reportedly a trusted monetary advisor in Atlanta, Georgia. Nonetheless, he’s now beneath fireplace, as some buyers say he scammed them out of 1000’s of {dollars}.
Morrison allegedly promoted an actual property fund that garnered over $11.7 million.
Now, buyers are alleging that their deposits have “vanished.”
The Shade Room’s Justin Carter is wanting into the matter for ‘TSR Investigates.’
Extra Particulars About Jay Morrison & The Tulsa Actual Property Fund
In keeping with Carter, Morrison began his profession in finance and actual property after serving a while behind bars. After his launch, Morrison reportedly amassed a following on social media by providing programs on monetary literacy in public areas.
Then, in 2018, Morrison launched the Tulsa Actual Property Fund. Carter studies that it’s a government-regulated platform that permits certified people to crowdfund with others with the intention to put money into and personal actual property.
Carter provides that fifteen thousand folks joined the fund, which reportedly had a $500 minimal enrollment charge. Nonetheless, it appeared to don’t have any return.
“I by no means make investments something that I can’t lose, however while you make investments, you don’t intend to lose on the identical time,” Jullien Gordon, who contributed $40,000 to the fund, instructed Carter.
Gordon reportedly secured a 30,000-square-foot occasion area referred to as The Legacy Heart via the fund, which allegedly invested over $3.5 million to amass and develop the situation.
Nonetheless, after the 2020 COVID-19 pandemic, it appeared that plans had derailed.
Buyers Name Cap On The Monetary Advisor’s Promise
In keeping with Gordon, he quickly found that the U.S. Securities and Trade Fee and the Division of Justice had been investigating the Tusla Actual Property Fund and Morrison.
The investigation reportedly concluded in Might 2020 with no vital findings. Nonetheless, Gordon remained skeptical of Morrison, believing he was lacing his pockets with thousands and thousands from the fund.
“He’s eaten over one million — virtually most likely two million by now in supervisor’s charges. He’s paid his spouse via the group. She used the amenities with out most likely any cost… and I assure that there’s no transaction of her paying us, the buyers, or the entity for the utilization of that area,” Gordon instructed Carter.
Scroll above to look at as extra buyers weigh in on Morrison’s alleged actions and react to the information of The Legacy Heart now being offered for thousands and thousands. Moreover, Carter shares an unique assertion from Morrison in response to the accusations.
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