The Morrises are now selling an online financial advice and planning program: Financial Freedom Academy. Mark Ferguson is the author and creator of InvestFourMore. That person tagged Clayton, and he commented on my post numerous times. ET Monday on HBO, is . Sam Bankman-Fried is a con man and fraudster of historic proportions. Another of the Indianapolis homes that Mr. Morris's company, Morris Invest, sold as investment properties. In our many years of business weve heard many of the same questions over and over again. The controversial trading app. Notorious con-man Porter Stansberry is perhaps the ur-example of the phenomenon. BBB reports on known marketplace practices. This also allows us to offer more services and benefits to our clients without charging additional fees to have access to our team and products. We were a referral agent on this property, per his closing documents. Get the best funding for your strategy. BOOK A FREE CALL. He and his wife offered to help average investors get into real estate, but many of the couple's clients say they lost thousands of dollars. Books have been written about the scandal in which she was embroiled in central Virginia as a young woman after the death of her fiance. It is very rare for Bigger Pockets to take down any podcast, and that may be the only time they have done it. Here are some things that could have been done to protect the investors: Yes, the victims could have avoided this mess if they would have done their due diligence. With any investment there are going to be some commonly asked questions. This case was filed in U.S. District Courts, Indiana Southern District. I am now out Over $75,000 (CASH), I have no house built nor even started. A Mayor and His Money - Nymag - New York Magazine The players invested in a now-defunct company that funded a separate business targeting Texans with troubled credit who needed quick cash and would put up their cars as collateral on loans . Not to mention he called me mentally disabled, which is just wrong on so many levels. Why did he refer to the investors as his investors on Bigger Pockets? Dave Meyer and J Scott make "running the numbers" approachable in this complete reference guide to simple, powerful deal analysis. The Morrises said that Oceanpointe, which many Morris Invest clients said they had never heard of until after buying the homes, is the real villain and liable for any damages. This guy ran a real estate Ponzi scheme with Bert Whalen (Oceanpointe investments owner) in Indianapolis and stole millions of dollars in peoples money. There are also a number of threads on Bigger Pockets that go over what happened to investors. Clayton responds to those complaints on the BBB, and we can see how he responds: Morris Invest did not sell ** *********** this property. Im a big fan of this radical idea that everyone should be able to achieve total financial freedom, the biography on one of his websites says. Chief Executive Outrage: 10 Biggest CEO Scandals | TheRichest A prominent Los Angeles investment firm shared fees from pension fund deals in New York and California with Hank Morris, the former political consultant under indictment (PDF) for selling. Clayton Morris still has a large following of people on Youtube and Instagram (although his Instagram followers have been decreasing). I have talked to Clayton on Instagram and was not impressed with how he explains what happened. Anyone can read what you share. You would need a massive property management company and a lot of tenants to fill all of those properties. Hes famous and I thought, Hes not going to ruin his entire reputation. Obviously, in hindsight, I feel like such an idiot.. And even with all of these options he gives us, I dont think any of them are right based on the information available online (including Claytons own site). Their company, Morris Invest, would handle the details: finding properties, overseeing renovations, hiring property managers to rent out the houses. The Morrises said they had eventually formalized the relationship, sending buyers to Oceanpointe and earning a fee on each sale. Before Morning Invest; Clayton Morris Real Estate Scandal - YouTube INDIANAPOLIS Clayton Morris walked away from his job as a Fox News host in 2017 to devote himself to the next phase of his professional life: helping regular people achieve financial independence. But you might not learn that from the New York Times, CoinDesk's Chief Insights Columnist David Z. Morris writes. The U.S. International Trade Commission ruled Wednesday that Philip Morris International and Altria must stop the sale and import of the Iqos tobacco device. We decided to compile a list of our most frequently asked questions in no particular order. However, that does not make fraud okay. Company Type For Profit. While the title company gets everything ready to close youll want to set up insurance on the property. See Every Stock Trade Speaker Nancy Pelosi's Husband Made - Insider As a matter of policy, BBB does not endorse any product, service or business. Mr. Whalens businesses have done everything required by their investment agreements and contracts, Mr. Tompkins said. Non-recourse financing is a loan that is secured by the asset itself, meaning the property not you or your company. Id. The Morrises face a half-dozen lawsuits, including one in federal court, and more will probably follow. From resources to get started to the latest market data, find what you need to keep growing. He approached me to be on the show and gave me his background as a Fox News host and real estate investor. We always focus on landlord friendly states with the highest job growth and lowest vacancy rates. Join hundreds of investors earning thousands in passive income each month. The state attorney general is now reportedly investigating the scheme. Morris Invest Scandal: Optimal Resolution List - UpdateTrader Morris Invest LLC was leaping into a relatively modern incarnation of a classic real estate investment vehicle known in the business as turnkey properties. Someone else fronts the cost of purchasing and refurbishing homes that are being sold short or at tax auctions, and then reaps a steady flow of rental income from tenants the middleman construction and landlord firm pledges to identify, vet, and faithfully serve. I have also seen Clayton say he learned of the problems in early 2017, in middle 2017, in late 2017, in early 2018, and in mid-2018. Lucie Morris-Marr is a freelance investigative journalist and author. A lot of people lost a lot of money. Oceanpointe blames the Morrises, saying they are responsible for the promises made to investors. Nevertheless, that does not change the fact that *********** did in fact sell him homes that were not rent-ready. When not writing for The Richest, I am most likely to be found sipping from coffee cups the size of my head. Many investors hired other property mangers or locals to go take pictures of properties, and these are a few examples of what they found. With any investment there are going to be some commonly asked questions. on or about May 6, 2021. Our Team SDIRA Wealth | Morris Invest by Clayton Morris Be the first to review! These are only the referral fees. I was given many links to Bigger Pockets forum posts, and after spending a few minutes researching the issue, I decided to take down the podcast. DONE FOR YOU. Morris Invest, founded by Clayton Morris, helps people realize their real estate investing dreams. You need a tremendous amount of manpower to rehab 20 properties a year. It doesnt matter if you want to use a Self-Directed IRA or some other financing option we can help make it happen! He also says he contacted the authorities to alert them of the scam and did everything he could to get justice for the investors. It can be problematic when such investors look to charismatic personalities for investing tips. Log into your account. Wednesday, February 3, 1999; Page C1. Those who invested with Morris gradually discovered they were being assessed with code violations and tax liens from the city of Indianapolis on properties theyd been assured would be refurbished and managed in perpetuity by someone else. Join the hundreds of investors weve helped earn thousands of dollars in passive income this month. Completing thousands of transactions has allowed us to build strong relationships with banks that know our product and process. Morris Invest is a Delaware limited-liability company which purports to help investors buy and renovate investment properties. But it would be another few months before an Indianapolis Star investigation blew the lid off the thing, and the New York Times published its own lengthy look at what Morris and no-longer-licensed realtor Bert Whalen had been up to. The academy's chief administrator, however, emerged unscathed. He has problems keeping his own story straight. He said he would private message me anything I wanted to know. We were a victim, too, Mr. Morris, 42, said during an interview with his wife at a coffee shop near their suburban New Jersey home. Then the property is suddenly repaired and ready to be rented out, and its occupied very quickly. PAGE ONE -- Tabloid accuses Morris of affair with hooker - SFGATE Furnaces often did not work properly, leaving homes freezing cold in winter. to scoop up hundreds of thousands of empty family homes as investment fodder, begun using caricatures of Rep. Alexandria Ocasio-Cortez (D-NY), Maintained by Center for American Progress - Action Fund. Ex-'Fox and Friends' host moves to Portugal amid fraud - nj Few, if any, problems have arisen in other cities, they said. Stop worrying, and let us take care it! Getty Images. Some industry insiders believe they are on the brink of a mis-selling scandal in the mould of payment protection insurance, mortgages or diesel cars. He was not just inspecting his own properties for my investors as he says. He got help along the way from various prominent conservative media figures on and off Fox News airwaves, from Dick Morris to Newt Gingrich to Mike Huckabee to Glenn Beck, as Media Matters has detailed. Inside the Tim Wilson 'wreathgate' scandal. How Hard is it to Become a Real Estate Agent? A former contractor later admitted that when Clayton came to town, he was told to put black-out shades on unfinished properties that Clayton may ask about. If he ignored those problems, he is the worst investor in the history of the world. Key . The couple declined to provide a copy of the agreement. Sheryl Sandberg's Wedding Expenses Distract From Facebook Scandals Sign Up Morris Invest helps educate potential real estate investors how to get started in rental real estate. It was the cheapest at only $45,000, but the rent and price have stayed the same or gone down the last 5 years, while my other rentals have seen incredible gains.