Jen Mellon’s New House – Trustify Investor Asset Search
(Updated 3:25PM 8/06/2019) When we last left the scurrilous retroactive co-founder and former President of Trustify, Jennifer Mellon, estranged wife of Danny Boice, she landed a cushy government job as the Confidential Assistant to FERC Chairman Neil Chatterjee. At that time she was engaging in real estate transactions that feel a lot like money laundering and fraud to me.
On March 18, 2019, Mellon’s soon to be ex-husband, Danny Boice transferred the title of their Sea Isle NJ, beach vacation home to Mellon for $1 dollar. That’s right, you heard me… well you heard me if you were reading out loud… well technically than you just heard you reading me but you get the idea. That’s right folks, Danny sold 1/2 of a $1.5 million home in exchange for a sawbuck… actually just a tenth of a sawbuck. He basically signed away enough nickles to fill the Pacific Ocean for a dollar.
Two months later, on May 23, real estate savant, Jen Mellon turned that $1 dollar investment into a $1.4 million home sale. Let’s do the math, she owned 1/2 the house and then bought the other 1/2 for a greenback. Just two months later that one-dollar investment was worth $699.5 thousand dollars. In two months the profit was… hold on, let me do the math, $699,500 minus one is… hmmm, my calculator says, that’s an assload of money. That one dollar returned $350 thousand dollars per month!!! Are things starting to smell funny to you?
Let’s back up a year or two, this home was the second large purchase in a very short period. Mellon must be rich! No, Mellon likes to tell people she’s a Mellon. In truth, her DNA is more closely related to a casava melon than a Carnegie Mellon. She comes from a middle-class family and had no big financial wins… ever. She was void of any visible legitimate sources of cash.
Her soon to be former hubby, Boice came from a comfortable but not wealthy middle-class family. His business career was a series of ups and big downs, mostly downs. Despite his claims he had never had a significant liquidity event, for instance after co-founding and raising $8 million from investors for startup Speek, Boice was fired from the company and it was sold to Jive communications for $150,000 of which Boice did not receive a farthing. In a recent divorce case, Boice proved to the court that he was indigent and ordered to pay the minimum child support required by law.
So where did these two crooks find the money to buy 2 homes that cost over $3 million in purchase price and renovations? Their income at the time was derived from a startup that was hemorrhaging cash. Legitimate startups pay more in equity than in cash. Banks don’t take payment in illiquid possibly worthless (in this case in retrospect definitely worthless) stock. That’s a question to which I’m sure Anchorage Capital and the other Trustify investors want an answer. You see Anchorage is suing Trustify and it’s officers, Jennifer Mellon, and Danny Boice. Anchorage wants Boice and Mellon to show them the money. Trustify company raised approximately something in excess of $20 million. Where did they put all that money?
Certainly not paying company bills.
- Trustify owes – Dini von Mueffling Communications LLC – Suing for $240 thousand
- Trustify lost a judgment to eight former employees, Matthew Scott, Elisabeth Nugent, Kevin Wiggins, Stacy Blackburn, Bey Wesley, Matthew Blanchard, Bernadette Vielhaber and Andrew Little – Suing for $35 thousand – (see the filing here and here’s an article)
- Trustify owes $250 thousand to their attornies, Buckley Sandler LLP,
- Trustify owes Kastle Systems
- Trustify lost a judgment to JBG Smith Properties for $260 thousand
- Trustify owes ADP
- Trustify owes Bill.com
- Trustify owes Hubspot
- Trustify owes – Multiple contract Private Investigators – Estimated to be in excess of over $150 thousand
- Anchorage Software and other investors want their $20 Million back.
Really, when you’re not paying your employees, your lawyers, your suppliers, or your landlords where did all the money go? Did Boice and Mellon shelter any of that cash? Did they move it offshore? Did they create corporate shells to hide and shelter the money?
Not every real estate transaction Mellon touched turned to gold. Not every real estate investment paid off as well for Mellon as the beach home. Boice and Mellon took a bath on the family home. In November 2015, the couple purchased the property at 8805 Winthrop Dr, Alexandria, VA, for a reported $1.625 million. It’s estimated that the couple then spent about $200 thousand renovating that property. Improvements included a finished basement with a performance stage (pictured above) That property was sold in July 2019 for $1.390 million. That represents over a $200 thousand loss not counting all the money spent improving the property. The agent on that sale was reportedly a family friend, Phyllis Patterson… remember that name. It will come up again.
Why do I ask where the money came from? Let me go through the sequence of several real estate transactions of this nefarious couple.
- October 2015 – Trustify raises $1,926,000
- November 2015 – Danny Boice and Jen Mellon make a cash purchase of $1,625,000 for a home in Alexandria. Phyllis Patterson acted as the agent.
- October 2016 – Trustify has a term sheet to close on a new seed round.
- October 2016 – The couple contracts to buy a beach house in Sea Isle NJ. for $880,000 at 205 85TH St
- November 2016 – Whoops! New seed round delayed… deposit forfeited
- June 2017 – Trustify announces $6.5 million in funding
- August 2017 – The Boice/Mellons buy a home in Sea Isle NJ for $1.275,000 putting down a down payment of $250,000
- January 2019 – Alexandria house goes on sale, for $1,750,000 and was recently reduced to $1,499,000 with this notice, Priced to Sell IMMEDIATELY!! Must Sell Quickly! Sold in As-Is Condition, this is the deal of a lifetime!! Gorgeous, custom constructed home with over $200k in seller improvements. High-end kitchen opens up to breakfast room and family room with gas fireplace,
- March 12019 – Danny Boice transfers the deed from 100% joint ownership of Danny Boice and Jen Mellon to Jen Mellon sole ownership for $1 dollar (see title transfer).
- May 2019 – Mellon sells beach home for $1,399 thousand.
- June 2019, Alexandria home is sold for $1,390 thousand. Phyllis Patterson acted as the agent.
- August 2019 – Does Jen Mellon use cash from the houses bought with Trustify Investor money to purchase a new home?
The timing of these real estate transactions are suspiciously timed in sequence with company funding rounds.
Jen Mellon’s mailing address was listed on March 18th, 2019 as 625 S. St. Asaph St, Alexandria VA. That house today, as you can see by the picture above, is listed available for rent.
Sources tell me that Jen Mellon is moving in the next two weeks from her current rental into the same neighborhood as the former Boice/Mellon family home, 8805 Winthrop Drive. Mellon was looking for a house in the Waynewood Elementary school district for her youngest, the son she had with Danny Boice. A search of recent neighborhood sales exposes only one possible suspect for that home. A home at 1212 Priscilla sold on August 2, 2019. This home is just .2 miles from Waynewood. Right now it’s going through a ton of renovation. Multiple contractors in trucks are at the house daily. There was a dumpster (no it wasn’t on fire yet) in front of the house a few days ago. But by 8/22 it was gone. This house will be ready for move-in, in just a few weeks.
Who owns it? It was purchased by an LLC that was created July 19, 2019, called 1212 Priscilla LLC. The agent for the LLC is listed as Sarah Petcher with the S&T Law Group. While S&T Law Group has a commercial office, the listed address for LLC’s agent is not S&T’s office address. The agent’s address is the private residence belonging to Sarah Pether at 6641 Locust St Falls Church, VA 22046. That’s unusual, is Ms. Petcher a family friend of the person behind 1212 Priscilla LLC? Why isn’t the address her business address?
The address for the 1212 Priscilla LLC is 107 Princess Street in Alexandria which is not a commercial office, it is instead a $1.3 million townhome in Alexandria owned by Patterson Kenneth J. Trust and Patterson Phyllis G. Living Trust. Hmmm, there’s that name again Phyllis Patterson. Why would someone purchase a home in a secretive corporate umbrella? What are they trying to hide? Are they laundering money or protecting ill-gotten gains? Oh, and then there is the icing of on the cake. The agent for that sale… Phyllis Patterson?
If you’re keeping score of all the Phyllis Patterson connections to this story, here’s a recap.
- Phyllis Patterson was the buyer’s agent who sold Mellon and Boice their Winthrop home
- Phyllis Patterson was the agent who listed the Winthrop home when Mellon and Boice sold that home
- A trust that contains Phyllis Patterson’s name owns the home which is the mailing address for 1212 Priscilla LLC.
- And now Phyllis Patterson was the buyer’s representative agent on the sale os 1212, Priscilla Lane
That’s a lot of Phyllis Patterson entanglements. Maybe the FBI and Anchorage should give Phyllis a call?
Mellon wanted a home in the same neighborhood. How close is this home to Mellon’s former home? Directions: Leave the driveway of 8805 Winthrop Dr. Head north on Winthrop Dr toward Alden Rd (0.3 miles). Turn right onto Potomac Ln and proceed two blocks (0.1 miles). Turn left onto Priscilla Ln. Destination will be on the right (0.1 miles). After driving approximately 2 minutes and 0.6 miles, you have arrived.
Let’s drive it (If you don’t see the video press this link)
No, the car is not powered by a Singer Sewing Machine Engine
The video is sped up 4X.
The best news for Jennifer Mellon is that it is only a 9 mile, 18-minute drive from this home to the US Federal District Court where she will likely be explaining to a judge her part in the fraud and embezzlement that took place at Trustify. I’ve taken the liberty of mapping out the route for her here.
In Other Trustify News
Poor Danny seems to be holding the bag on the Trustify meltdown. His credit rating in tatters. He’s renting an apartment and is picking up jobs as a contractor here and there. Also, to his credit, while still behind on child support, he does make occasional good faith partial payments. Meanwhile, Jen’s living large, hanging at the country club, where she can be constantly found kanoodling with some guy or another in what many country club members describe as grossly inappropriate, over the top, public displays of affection (Mellon is a big public Kanoodler). She has a cushy government job. Life for the former Jet Setting superstar cofounder of Trustify is just fine.
To my large fan base of former Bucknell Classmates of Jen Mellon. I’m sure you enjoyed this blog post and don’t forget to read the post that asks the question, why was Jennifer Mellon, the most reviled graduate of Bucknell removed from this year’s Alumni honors list: What Did Bucknell Alumni Association Do With Jen Mellon?
In other news. In a “very scientific” twitter poll asking the question: Who Is More Guilty of the Trustify Fraud? Jen Mellon or Danny Boice or Mellon/Boice or Mellon/Boice/Matt De Leon.
— Glen Hellman (@glehel) August 21, 2019
- 43% Mellon/Boice
- 43% Mellon/Boice/De Leon
- 9% Mellon
- 4% Boice
What’s interesting about that poll is that 96% of the respondents thought Mellon was Guilty and only 91% thought Boice. Less than 50% blame old Matt De Leone.
The survey has a margin of error of somewhere between not right or exactly spot on.
One Twitterer replied to the post with the following: Boice gets like 70%, Mellon gets 20% for being most likely aware, may have protested, and eventually got out (but way too late), and MDL gets 10% for staying on too long and tolerating/facilitating things. Boice was in the driver’s seat. Others at least wanted a legit business.
August 29, 2019 UPDATE: An alert ready and one of Ms. Mellons many adamant fans, alerted me that 1212 Priscilla property is advertised for rent in on obscure publication. It says that it will be ready for occupancy September 1. Yet the listing was posted on August 26, one day after this blog post appeared. Here is the communication I received.
Tipster: Saw your article on Jen’s real estate entanglements. Seems the plot thickens- the house on Priscilla just got listed for rent. The same $3600 that the St. Asaph Street was/is going for.
Also, no link that can be found on Sarah Petcher and Phyllis Patterson BUT they seem to have just one Facebook friend in common- Chris Upham. Name sound familiar? Yeah, he goes to church with Jen and Danny AND is one of their investors in Trustify. The plot thickens..
ME: Wow for rent…maybe it’s not Jen?
Tipster: Maybe, maybe not. Depends on who rents it right? Would be interesting if Jen does bc she’s moving from one rental (listed by Patterson) to another rental (owned? and listed by Patterson).
I do find it odd that if Patterson really is the one who owns 1212 Priscilla LLC that she doesn’t have any connection to her registered agent other than a mutual friend who happens to be an investor in Trustify…what are the odds???
What if perhaps 1212 Priscilla LLC is actually owned by Chris Upham? And Jen is going to live there and pay him to rent as restitution for taking his money and losing it in Trustify?
Or perhaps, Jen is 1212 Priscilla LLC but is hiding that it’s an “asset” and will instead have the LLC own and “rent” her the property? You’d have to list it on the open market for it to appear a legitimate rental that Jen just “happened” to find because her former realtor was the listing agent. So on paper, Jen Mellon is just a renter, right? Can’t really take much from a renter in court.
I’ve been telling you from the jump, Jen is the master manipulator in all of this. She KNEW what was going on at Trustify, probably more so than Danny did but she is going to get away with it bc she’s that good.
Additionally, the St. Asaph Street rental is no longer an active listing- it’s pending. So Miss Jen is certainly moving out. It also strikes me as odd that Phyllis lists other rentals she has in the Fort Hunt area on her website, but not 1212 Priscilla.
And that the price of 1212 Priscilla is almost the highest rental in the zip code. Seems odd to ONLY advertise that on a military for-sale-by-owner site right? Seems like a pretty limited target market.
ME: Good point. You think this is a reaction to the article?
Tipster: Potentially. It was listed for rent 3 days ago on Aug 26th, with available move in of just 4 days later (Sept 1st) and there is no contact phone number for the “owner”. Looks like you can email the owner if you are interested…
ME: So I reached out to another source and asked what they thought and the response was:
Source: We’ll know in a week or so when she’s supposed to move. My first thought was… Daniel doesn’t actually start school until next year. I wouldn’t be surprised if she is pivoting and renting it for a year now that the heat is on. We’ll know soon!
- Did Mellon buy 1212 Priscilla?
- Did she decide to stay put and remain in the Saint Alaph and just rent out Priscilla?
- Is she going to move in as a renter to Priscilla?
- If she moves into Priscilla is she her the renter and the landlord?
Disclaimer: I volunteer my time and am an independent contractor for many organizations. The Views on my blog post are my own and do not represent the views of any of the organizations with whom I dedicate my time. That includes my clients in my coaching practice, the members of my Driven Forward ThinkTank, the University of Maryland. Mach37, The Founders Institute. These views also do not reflect the opinions for any organization that I was formerly associated with including, James Monroe Elementary School, where I graduated with distinction from 6th grade, Lexitron which I left in 1982, Montgomery Youth Hockey or Vistage an organization I was grateful to be a part of and happily parted ways in 2014.