1 /5 Emma Aistrop: If I could assign zero stars I would. My life has been an absolute nightmare since speaking with Richard Johnson, DelMorgan & Co.s Managing Director, and Neil Morganbesser, DelMorgan & Co.s CEO.
First, I materially relied on the customized marketing materials DelMorgan provided when I paid their exorbitant initial fee of $150,000; specifically, their proposed four-month timeline for a capital raise, and their promise I would receive a "custom-tailored” approach. After signing the engagement agreement, and at my business partner’s request, DelMorgans representative provided an updated four-month timeline with a start date three days following receipt of my $150,000 payment, setting forth a closing date of early-Nov 2023. We were never told we should not rely on these timelines, even when we explicitly raised concerns about missed deadlines throughout the term with DelMorgan. Even worse, months later in a response to my Better Business Bureau complaint, the CEO stated that it was “preposterous” to believe DelMorgan could raise $10MM in capital for my small business in four months. This was despite DelMorgan stating that $10MM was actually the smallest transaction it would agree to advise, repeatedly stating in marketing materials that my small business was seeking $10MM.
Second, I materially relied on a testimonial from an otherwise disinterested past customer, Julio Urrutia, who told me and my business partner his company had been funded by DelMorgan. But for this positive endorsement, I would not have moved forward with paying DelMorgan their ridiculous fee.
I provided DelMorgan my business plan, company financials, and industry insights. They simply repackaged this info, slapped a DelMorgan logo on the front, and “went to market.” The results were atrocious—one meeting with a VC who had no idea why DelMorgan was involved. Based on the 120-company-long “covered parties” list DelMorgan provided at the end of the term, their success rate was a mere 0.8%. Even worse, during the term, Richard encouraged me to raise my own funding, leading me to ask: What did I pay DelMorgan $150,000 for?
That’s not all. Two months into the term, Julio approached me and my business partner about securing “pre-institutional” funding. He shared a few decks—one solely branded DelMorgan and another branded “DelMorgan/IWouldFundThat”—that outlined the funding model, stating, “This is what we use to explain the model.” The “we” is the CEO of IWouldFundThat, who is the Managing Director of DelMorgan and the person who oversaw our account. When we received these decks from Julio, we then understood him to be associated with DelMorgan. Worst of all, we later found out Julio was NEVER funded by DelMorgan. Sadly, we materially relied on the fact that Julio was funded by DelMorgan when we paid DelMorgan’s fee of $150,000.
After speaking with several past clients who claim similar experiences, I felt compelled to create a dedicated webpage (delmorganco-review dot com) to share my full account. Interestingly, this site has been subjected to suspicious activity for months, likely in an effort to suppress my story. Nevertheless, I stand firm in knowing my rights and the truth of my experience, and I will continue to share it. I have also yet to speak with a single past client who successfully secured funding through DelMorgan.
Before I encountered DelMorgan, I was building a cutting-edge company that tapped into an accelerating multimillion-dollar market. Fast forward to today, my company has lost its competitive advantage. To DelMorgan’s representatives, it seems to be a joke. But I am left with catastrophic consequences after materially relying on DelMorgan’s marketing/endorsements when paying its exorbitant fee. DelMorgan has obliterated my small businesses.
Last tip: Be informed of ALL of DelMorgan’s lawsuits against their past clients. You can read our full complaint using case No. 25SMCV01174; Superior Court of CA (LA County). Happy reading and best of luck if you decide to engage DelMorgan!
