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Jay Morrison was reportedly a trusted monetary advisor in Atlanta, Georgia. Nonetheless, he’s now underneath hearth, 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 accordance 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 enables certified people to crowdfund with others with a view 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 once you make investments, you don’t intend to lose on the identical time,” Jullien Gordon, who contributed $40,000 to the fund, informed 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 accumulate and develop the situation.
Nonetheless, after the 2020 COVID-19 pandemic, it appeared that plans had derailed.
Traders Name Cap On The Monetary Advisor’s Promise
In accordance with Gordon, he quickly found that the U.S. Securities and Alternate 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 important findings. Nonetheless, Gordon remained skeptical of Morrison, believing he was lacing his pockets with hundreds of thousands from the fund.
“He’s eaten over 1,000,000 — virtually most likely two million by now in supervisor’s charges. He’s paid his spouse via the group. She used the services with out most likely any fee… and I assure that there’s no transaction of her paying us, the buyers, or the entity for the utilization of that area,” Gordon informed Carter.
Scroll above to observe as extra buyers weigh in on Morrison’s alleged actions and react to the information of The Legacy Heart now being bought for hundreds of thousands. Moreover, Carter shares an unique assertion from Morrison in response to the accusations.
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