Jay Morrison was reportedly a trusted financial advisor in Atlanta, Georgia. However, he’s now under fire, as some investors say he scammed them out of thousands of dollars.
Morrison allegedly promoted a real estate fund that garnered over $11.7 million.
Now, investors are alleging that their deposits have “vanished.”
The Shade Room’s Justin Carter is looking into the matter for ‘ TSR Investigates .’
More Details About Jay Morrison & The Tulsa Real Estate Fund
According to Carter, Morrison started his career in finance and real estate after serving some time behind bars. After his release, Morrison reportedly amassed a following on social media by offering courses on financial literacy in public spaces.
Then, in 2018, Morrison launched the Tulsa Real Estate Fund. Carter reports that it is a government-regulated platform that allows qualified individuals to crowdfund with others in order to invest in and own real estate.
Carter adds that fifteen thousand people joined the fund, which reportedly had a $500 minimum enrollment fee. However, it appeared to have no return.
“I never invest anything that I can’t lose, but when you invest, you don’t intend to lose at the same time,” Jullien Gordon, who contributed $40,000 to the fund, told Carter.
Gordon reportedly secured a 30,000-square-foot event space called The Legacy Center through the fund, which allegedly invested over $3.5 million to acquire and develop the location.
However, after the 2020 COVID-19 pandemic, it appeared that plans had derailed.
Investors Call Cap On The Financial Advisor’s Promise
According to Gordon, he soon discovered that the U.S. Securities and Exchange Commission and the Department of Justice were investigating the Tusla Real Estate Fund and Morrison.
The investigation reportedly concluded in May 2020 with no significant findings. However, Gordon remained skeptical of Morrison, believing he was lacing his pockets with millions from the fund.
“He’s eaten over a million — almost probably two million by now in manager’s fees. He’s paid his wife through the organization. She used the facilities without probably any payment… and I guarantee that there’s no transaction of her paying us, the investors, or the entity for the usage of that space,” Gordon told Carter.
Scroll above to watch as more investors weigh in on Morrison’s alleged actions and react to the news of The Legacy Center now being sold for millions. Additionally, Carter shares an exclusive statement from Morrison in response to the accusations.
The post Black Investors Claim Fraud: Were Thousands Misled By Tulsa Real Estate Fund? | TSR Investigates appeared first on The Shade Room .
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