Founder Drew Morrison sold you shares in CityGuru, Inc in return for your investment funds? He has testified that he keeps no records; has no roster of investors who bought shares; how many or at what value. In fact: there are no stock certificates. The problem for you, now, you may be stuck with something that is not real: Phantom Stock.
A recent Shareholder ADVISORY has raised a red flag that every On The Go Technologies (OTG) or CityGuru, Inc. Shareholder/investor should pay particular heed to (See our HOT TIP below). If you believe you are an OTG/CityGuru Shareholder it is vitally important that you can certify the authencity of those shares. Chances are: you can’t, and this post is written for YOU.
Who Really Owns–What?
The history of CityGuru, Inc. and how the shareholders and investors became entangled with the company presents a few “phantoms” of its own.
As early as 2010, evidence shows investment funds were being raised by founder, Drew Morrison for a new venture based in Seattle, Washington he called “On The Go Technologies, LLC” (OTG). Abruptly, abandoning a previous business venture, Path Investments Group, LLC, in Phoenix, Arizona Morrison enraged certain Path investors who alleged he converted Path funds into seed money for OTG. However, not all Path Investors were as alarmed since Drew Morrison was offering equity into a new business venture featuring a technology that was certain to “replace Microsoft”. In fact, some contributed more funds to get at the equity at the ground floor.
So enamored with the new OTG venture was Drew Morrison, he moved his base of operations from Scottsdale, Arizona to Seattle, Washington to join forces with a Co-founder who had begun developing the technology that was to be a game-changer.
In 2011, the Co-founders went separate ways leaving Drew Morrison as the sole founder of OTG–and its equity–in return for his Co-founder taking his intellectual property, the OTG technology, with him. Without the technology that was to “replace Microsoft”, Drew Morrison was forced to pivot in his business direction. The name OTG was changed to “CityGuru” and registered as a Delaware corporation under a new team leadership consisting of Drew Morrison, Founder and Director, Jim Billmaier, CEO, Director and Promoter and T. Olin Nichols, CFO and Director.
An all out fund-raising campaign began, focusing on small investors who were promised shares of the new company.
…And the Plot Begins to Thicken…
By 2013, evidence shows Drew Morrison had raised a significant amount of new funding from several small investors who, in later interviews, stated they were led to believe they now owned shares of CityGuru.
In May, 2013, Morrison, Billmaier and Nichols, filed an Exempt Offering of Sale of Shares under SEC Form D. 10,000,000 shares of common stock was established for CityGuru, Inc. with an offering of “debt instruments” in return for $100,000 in funding. Without basis, a value per share was later reported at $0.000101.
$80,000 was raised from among (4) unknown investors who–persumingly–received some sort of “Debt Instrument” for their funds, leaving more senior shareholders with concerns how this action and these (4) investors might now preempt title of previous Shareholders investing from 2010 through 2013.
Sightings of the Phantom Stocks…
Though Drew Morrison was entangled with legal woes before 2013, they began to exponentially explode into full blown litigations by 2014 as the discovery process of one lawsuit began delving into both Drew Morrison and CityGuru records and documentation. Naturally, the records of CityGuru’s stockholders and stock transactions became the focus of the discovery as Defendant Morrison continual resistance/refusal to cooperate with Court orders only fueled further questions.
This finally resulted in alarmed Shareholders issuing their own Shareholder ADVISORY after learning of Drew Morriosn’s testimonies during a Deposition hearing in May 28, 2015. While under oath and being video-taped, Drew Morrison triggered the alarm when he made testimonies that so conflicted with known evidence that the credentials of CityGuru stock was instantly questioned.
The most disturbing piece of Drew Morrison’s testimony was that he had no idea where stock records or a stock ledger might be found–though he later recanted–saying his law firm, Perkins-Coie, kept those records.
However, when contacted by a OTG/CityGuru Shareholder, Perkins-Coie revealed that not only did they no longer represented Drew Morrison–but did not posses CityGuru documentation on Shareholders and Company stock that had been issued.
The question still remains: “If Perkins-Coie has no records of CityGuru Shareholders, the shares they own, or the value of those shares–we know Drew Morrison doesn’t have those records–then HOW ARE WE TO KNOW WHO OWNS WHAT?
Chasing Phantoms…
Is the CityGuru Shares we thought was being issued to us as equity in the company in return for our investments really only: Phantom Shares? Consider the magnitude of this possibility:
1. Without a Stock Certificate; a letter from a CityGuru Stock agent certifying one’s title to ownership or even records identifying you as the Shareholder, the amount you paid, and the number of shares you received–how do you prove you own CityGuru Stock?
2. Perhaps you have had verbal communication, or even email correspondence with Drew Morrison or CityGuru Officers in the past whereas they stated you owned “X amount” of CityGuru Shares for “X amount of money”–you still face the challenge of trying to sell your shares (assuming there is a market) to another investor who may not accept Drew Morrison’s email as authenticity of the CityGuru shares or their value.
3. With Drew Morrison’s own testimony that the funds he received from investors were actually “loans” rather than “investments” also complicates your status as a CityGuru Shareholder. After all, neither he or the company keeps records or accounting of funds received (his own testimony). There may be evidence of you having actually wired in money to founder Drew Morrison, but that same evidence shows that it was wired into a personal account–and there is no documentation of what the money was intended. Thus Drew Morrison can–conceivably–argue that ALL of us were simply trying to be good friends to him when we ALL “loaned” him over $717,000!
And that, Fellow CityGuru “Shareholders”: is the plight of the CityGuru Phantom Stocks.
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[showhide type=”hottip2″ more_text=”- Concerned if your OTG/CityGuru Shares are Phantom Shares?” less_text=”- Concerned if your OTG/CityGuru Shares are Phantom Shares?”] With or without what may seem as the proper documentation of your title to OTG/CityGuru stock, you should consult with your attorney or accountant for a second opinion..
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News flash for you people who call yourselves “investors”…Cityguru is a Train Wreck waiting to happen! I guess that’s why I keep checking in every week–waiting for when the train derails, goes off the bridge into the sea and carries all its investors down with it!
I’m almost incredulous over your posts when you bitch, moan and complain about Drew Morrison not keeping promises to the Charities, not keeping accounting or financial records and how he’s lost record of all his stock transactions. Me thinks your not focusing on the fact that Drew Morrison seems to be ripping off the Charities, evading taxes and selling fraudulent securities. Me thinks you need to stop complaining and start jumping from the train!
Hello…..is anyone home??
Gotta Be Kiddin’
You point in case is taken. For the record: As CityGuru Investors we DO NOT condone many of Mr. Morrison’s actions or business decisions. Our mission is to instill in the Management of CityGuru insistance upon transparency and ethcial practices. We are sure that Mr. Morrison shares in our determination to establish the highest standards of ethical business behavior as possible.
No one likes a “I told you so” A-H but you must admit: I told you all this was a Train-Wreck-Waiting-To-Happen. I regret it happened just as I said it would but I tried.
You certainly don’t want to hear my comments now–and I don’t blame you if you choose not to print them here–but CityGuru Investors need to brace yourselves–it’s not over yet.
It’s bad enough that the CityGuru Train derailed and took all of you with it over the edge into the sea–but in seeking any retribution from Drew Morrison is going to prove pointless. There is a reason you can’t find him now. Your money is gone. CityGuru is gone. Drew Morrison does not plan to be found–and if he can’t be found he can’t be held accountable to what happened to your money.
The worst thing about this CityGuru Train Wreck is: Drew Morrison was the conductor and he is the only one who walked away from it without a scratch. He jumped the train knowing it was on course to derail at the bridge over the sea. And he will continue walking away from it all, ready to start the process over again.
I find it interesting that Drew continued to sell an interest (stock) in Cityguru long after he was allowed to by law. Of course, Drew has never paid attention to the law and this is not a surprise. Heck, if you are willing to take money from a charity and people who are dying why bother with securities law or keeping records re: own owns stock, etc. (I have no illusion that Drew sold anything to anyone other than vapor promises.) To Gotta Be Kiddin’, most have jumped the train. You get it and kudos to you for having the mind to figure this out. I find the posts a great reminder and a place for burned investors to get together and tell their stories. There are still a few die hard believers in Drew. They don’t think and are existing on the hope and dream that somehow they will get their money back and become rich in the process. (Yea, they can trust Drew to make them rich. Drew cannot pay the most basic debts, has no assets of his own, has never had any significant assets or any success with any company and yet he is going to make them rich? Per Drew, it is ALWAYS someone else who has caused problems. Take the Fashion and Gas Guzzlers event, Drew pulled the plug on the event and blamed others. He was going to refund the tickets. *Still waiting. He was going to reschedule the event. *Still waiting.)
I think this post and the stories are great so that some poor fool does not get talked into parting with their money. It is my hope that Drew and his directors/advisors end up in jail. (Drew has identified a couple of people who are helping him. Good. Maybe they will turn state’s evidence for a lighter jail sentence.) By the way, has anyone noticed that the Cityguru web site is down and that Drew has not scheduled any more events since Seafair? Any, does anyone know who the “partners” are with Cityguru. I have been to a couple of the top and popular restaurants in Seattle and they have never heard of Cityguru. By now, Drew should have found yet another woman to “invest” and, knowing Drew, he will have her take him in and she will support him.
Drew is a ticking time bomb. As for those investors who trust him, nothing anyone can do or say will save you. Besides, your “investment” is long gone and you will never see a dime. If you are a woman investor who has gotten close to Drew, you are toast since he can and will move onto his next woman.
There ya’ go, folks: Get A Clue said it–we didn’t!
I saw Drew walking his dog in the neighborhood of Magnolia over by W Barrett street. Knowing he doesn’t own a car, he may be staying over there.
Thank you, Watcher. May we correspond at CityGuruInvestor@yahoo.com?