Last year a real estate investor named Jay Morrison announced on Instagram that he was raising money to "buy up the hood," and he asked Black people to invest in his Tulsa Real Estate Fund.
Black people did invest - he got almost $10M from people in less than a week.
Now a federal grand jury is subpoenaing the Tulsa Real Estate Fund. They didn't specify what they're looking for, but it doesn't look good.
Some are speculating that the feds may be going after Jay for some type of Securities violation.
Here's a letter that the Tulsa Real Estate Fund sent to its investors:
The Tulsa Real Estate Fund recently received a grand jury subpoena from the United States Attorney’s Office for the Northern District of Georgia and a civil subpoena from the Securities and Exchange Commission, each seeking documents and other information concerning the Company.
The Company has engaged counsel to respond to the subpoenas and intends to cooperate with the investigations.
Here is a video explaining what some believe has happened:
Just a few months ago, Jay threw a lavish wedding for himself:
The document also shows that Morrison's company has assembled a legal team to respond to the subpoena and he intends to cooperate with the investigation. We'll be sure to update you as more information is available.