Due to some suspicion, an NFLPA contract advisor informed the NFLPA that there’s something fishy floating in the investment waters. According to a statement, the NFLPA is taking subsequent action on that claim of which targets the Tulsa Real Estate Fund.
Jermaine Dyshon “Mr. Real Estate” Morrison and Olutosin Olayemi Oduwole, the those behind the TREF, are the subjects of the NFLPA investigation. With their links to The Jay Morrison Academy, a firm that praises itself for raising the financial intelligence of others, Morrison and Oduwole add insult to injury. Though the marrow of the situation is solicitation, TREF acknowledged the rap sheet of its executives, both of whom are reformed convicts.
And despite a $9.6 million opening week following its IPO debut, TREF expressed its own symptoms, including:
“Subscribers will have limited control in our company…”
“We have not conducted any revenue-generating activities…”
“Our independent auditors have expressed substantial doubt about our ability to continue…”
TREF has been criticized before, but the growing risk to NFL players isn’t out of the question. NFL players commonly put their trust in financial advisors to stave off the stigma that former athletes end up broke more often than not. It’s an attractive opportunity, but some businesses are equipped with a bad ethos that finds the NFL player in a downward spiral of financial despair. Additionally, there are some gray patches in a field of black and white. Drew Brees, for example, supposedly lost $9 million in a diamond scam, while others, like Ray Lewis, were pawns to a bank in Florida which faced a lawsuit that had $100 million attached to it.