(AllHipHop Rumors) Well, this falls in the rumor section, but, based on what I have been seeing, there are no rumors. I am not sure if you know who Jay Morrison is, but he was at one time well-regarded real estate mogul. These days, he is not looking too good. I was minding my business on YouTube when I stumbled over a video that said “False Profitz.” I am not sure if I saw Jay Morrison or not, but the name of the video intrigued me. Suddenly, I fell down a rabbit hole of alleged scamming, lies, deception and more. I could not believe how many people claimed that Jay Morrison took advantage of them.
This is a very expansive conversation, but it seems to boil down to two primary matters. One is the Tulsa Real Estate Fund and the other is Tony The Closer, a man that says Jay Morrison defrauded him for about $53k. There is more but I am not going to be writing a book around this. So, let’s get it cracking.
There is the TREF – Tulsa Real Estate Fund. And there is a website which explains exactly what it is:
Tulsa Real Estate Fund (TREF) was the first 100% African American owned and managed SEC Qualified Regulation A+ Tier Two real estate investing crowdfund in history. Our namesake pays homage to the prominent Black Wall Street Community of Tulsa, Oklahoma that was attacked and destroyed in 1921.
TREF was created for the revitalization and advancement of urban communities, it is an economic vehicle that enables working class and institutional investors to own shares and equity in a portfolio of real estate assets acquired or managed by the fund through strategic private equity partnerships, public and private partnerships or debt financing. We are #ThePeoplesFund.
Black people put in money and expected a return.
Real Estate is a long-term investment, which is why we project a hold period of approximately five to seven years.
During that time, TREF Investors are eligible for an 8% payable cumulative dividend. The dividend is paid periodically based on Fund financials but accumulates annually. Meaning if the Fund does not pay a dividend in 2020, then the 8% is added to the value of the following year’s dividend equaling a 16% payable dividend in 2021, and so on.
Here is Tony The Closer talking about all of the stuff…not just their beef. By the way, Tony and Jay are in a bad situation where Tony says Jay stiffed him for $53k and Jay says he owes Tony something like $5k. They are suing each other. Seems like they were good friends at one point.
https://www.youtube.com/watch?v=LXjlDmXxRDo
Here is another video:
Jay Morrison flat out denies all of the allegations of fraud and scamming and addresses Tony The Closer. He does not address TREF at all….
https://www.youtube.com/watch?v=hDAH7zJH8xE
This detractors counter…
Anyway, if you look at Jay Morrison, he is living well and has a bunch of high profile friends. Even after the Tulsa allegations, Mysonne shouts out Jay. And he has a friend in Queen Afu, a spiritual leader of tremendous respect. So, time will tell, but there are scores of people on social media as claiming they put in money for the TREF and lost it. “No refund, no peace,” Tony says.
Does this make any sense?
One thing is for sure, Jay has a strong following and, if you go to his page, you can’t really tell there is all this drama.
But…on the 20th of October, Tony The Closer and others are rallying at “The Black House,” which I believe is the one property that came out of TREF.
https://www.youtube.com/watch?v=P4CgdABXZHE
The latest I heard is that Jay Morrison has gone to the hospital for some reason or another. There are some theories around this, but I am not in a position to say what’s going on. Check @FalseProfitz for more info and @mrjaymorrison for more info on his side.