In an ongoing case brought by the SEC, Detroit Memorial Partners, LLC (“DMP”) and its managing member Mark Morrow have been charged with offering fraud. Morrow, a resident of Cincinnati, Ohio, is alleged to have orchestrated a scheme in which DMP issued approximately $19 million in fraudulent promissory notes and sold nearly $4.5 million in “equity interests.” Approximately 190 investors in multiple states are thought to be affected by the sale of fraudulent notes between 2007 and 2012, and significant amounts of investor funds are missing. DMP purported to own various cemetery properties, and investors were told that the notes would be secured by properties located in Michigan. In reality, DMP owned no properties at the time most notes were sold, and the notes purchased by investors were not secured. Morrow and other conspirators further misrepresented that proceeds from the notes would go toward acquisition and management of other cemeteries. In reality, much of the proceeds were devoted to Morrow’s personal equity interest in DMP, high-risk trading, and Ponzi-style payments to other notes holders. Morrow’s scheme was a large-scale act of fraud perpetrated upon many unknowing investors. Those affected, however, may still have time to act to recover losses.
If you believe you may have invested in DMP please contact our firm today. Only a limited amount of time is available to file a case to recover losses from a fraudulent investment, and acting quickly is important to ensure you have an opportunity.