No Enforcement Action Recommended
(Black PR Wire) East Point, GA /Newswire/ -- Tulsa Real Estate Fund (TREF), the first African-American owned Regulation A+ Tier II crowdfund designed to revitalize urban communities across the U.S., announced today that it is in receipt of a letter from the Securities & Exchange Commission (SEC) concluding their investigation into the Tulsa Real Estate Fund with no enforcement action.
On March 7, 2019, the company issued a Form 1-U announcing that it and Jay Morrison were named in a grand jury subpoena from the Department of Justice and a civil subpoena from the Securities and Exchange Commission, each seeking documents and other information concerning the company and fund operations.
As of July 29th, 2019, the company received correspondence from the Department of Justice concluding its criminal investigation with no findings. The correspondence from the Department of Justice reported that there will be no further investigation at this time.
As of May 27, 2020, the company received correspondence from the SEC concluding its investigation stating, “Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against Tulsa Real Estate Fund, LLC.”
“While we realize that we must in no way construe the conclusions as indicating that we have been “exonerated”, we are very pleased with the documented investigative conclusions by the Department of Justice and the SEC into the Tulsa Real Estate Fund,” stated Jay Morrison, CEO and Founder of the Tulsa Real Estate Fund. “We cooperated fully with both the DOJ and the SEC investigations that led to no findings and no enforcement action, respectively; and we consider this justice for us and our more than 15,000 pledged investment partners worldwide.”
Tulsa Real Estate Fund
Tulsa Real Estate Fund, is a real estate crowdfund qualified by the Securities and Exchange Commission (SEC) that allows both accredited and non-accredited investors to collectively invest and own real estate.
Tulsa Real Estate Fund is the first, African-American, SEC qualified, Tier II crowdfund and economic vehicle inspired by the historic Black Wall Street of Tulsa, Oklahoma.
Tulsa Real Estate Fund was created for the revitalization of urban communities and as a means for more people to own shares and equity in a portfolio of real estate assets that will combat gentrification. For more information on Tulsa Real Estate Fund call (844) 73-TULSA or visit www.TulsaRealEstateFund.com.
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United States Department of Justice
The United States Department of Justice (DOJ) is a federal executive department of the United States government responsible for the enforcement of the law and administration of justice in the United States of America including investigating potential instances of financial fraud. The department is headed by the United States Attorney General.
Securities & Exchange Commission
Securities & Exchange Commission (SEC) is an agency of the United States federal government. The SEC holds primary responsibility for enforcing the federal securities laws and has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.