Complaint Review: CityGuru

That cash you think is going towards an investment in CityGuru is going into the pocket of Founder, Andrew (Drew) Morrison. 

I invested thousands of dollars of my savings with Drew Morrison who offered me shares of ownership in his company, CityGuru.  He promised me two years ago that CityGuru shares would double in price.

I just got tipped off by another investor who said he could prove that my money was deposited in Drew Morrison's own personal bank account with none of it going to a CityGuru business account, (if there is one).  When Drew Morrison wouldn't produce accounting to show otherwise, I asked for my money back. What I learned pisses me off and is something every CityGuru investor needs know about.

My money was spent soon after it was deposited into his personal account, supporting his lifestyle.  He says this was for business expenses but he won't produce receipts.  Later he told me that this frees him for daily lifestyle concerns so that he can focuse on growing the business.  As far as I can tell the company is no farther ahead than it was two years ago.

I asked to sell my shares in CityGuru and learned that I can't because there are no buyers for the shares--it's not public stock with a stock exchange.  Worse, even if there was a buyer, there is no way of determining the price of the shares because there is no company accounting to verify the value--there is only Drew Morrison's word for it. 

He did say he would consult with "his Board" to see what he could do about my request for my money.  Of course, "the Board" denied it saying the company needed the money for promotions.  This makes me wonder how are they going to use my money when Drew has already spent it?   Then, another investor tipped me off that there is no "Board"; the entire CityGuru team jumped ship over two years ago, leaving Drew Morrison as a one-man show.  When I asked to speak to the "Board" for myself, he refused to give me their names--which is a strange thing to tell a shareholder of your company.  

When I said I was getting to the bottom of this, he threatened me by saying that if I did anything that would prevent him from focusing on growing the business that I would lose all my money (it seems it's already gone!).

I would not advise giving Drew Morrison your money for CityGuru but if you do, be sure to ask where your money is being deposited, how is it being spent, and on what?  Ask for receipts.  And don't forget to ask what the value of the stock per share is--and based upon what?

Until you get these answers, keep your money in your own pocket!