Alleged $1million Fraud: US Court Hears Suits Filed By Nigerians, Others Against Real Estate Investor
Court documents show that a dozen investors filed lawsuits against Nantomah, while accusing him of failing to deliver on his guarantee to flip properties and generate returns.
Some clients including Nigerians in the United States have filed lawsuits against Joseph Nantomah, a Milwaukee-based real estate investor, accusing him of embezzling their funds.
Court documents show that a dozen investors filed lawsuits against Nantomah, while accusing him of failing to deliver on his guarantee to flip properties and generate returns.
Nantomah is alleged to have cornered more than $1million from multiple clients, who claim he misused their funds to indulge in personal luxuries rather than investing in property as promised.
According to the complaints, many of the investors have not seen a single dollar of their promised profits.
The investors allege that Nantomah’s assurances were nothing more than an elaborate ruse designed to line his own pockets.
A medium, TMJ4 reports that Nantomah is accused of enticing potential investors through social media and presentations, promising substantial profits from property flipping.
The station spoke with a husband and wife who invested $110,000. They wish to remain anonymous to avoid embarrassment but agreed to an interview.
The couple says the money they invested came from their family savings, which took many years to accumulate. “Since we started working. Myself and my husband,” the wife explained.
Public court records include an agreement between the couple and Nantomah, indicating they were supposed to receive an initial return on their investment by July 2023.
However, they claim the money never materialised. “My son was starting college in August, and I needed money,” she said. “I kept calling (Nantomah) and sending messages.”
Eventually, they say Nantomah sent them $20,000 — only a fraction of the promised return. The couple says this was the last contact they had with him.
OVB Law & Consulting represents the couple and nine other clients with similar claims in civil lawsuits. “Funds were given out, the same contracts were signed, but funds were never returned,” explained attorney Emil Ovbiagele.
“He blocks them or stops contacting them.”
Attorney Kate Goodhart added, “Every single family has a heartbreaking story.” She noted that some people have become homeless after investing all their funds in this scheme.
Nantomah has filed documents denying the theft allegations in all lawsuits against him. One lawsuit highlights an agreement to fix and flip a home on the city’s north side, but Milwaukee County property records show Nantomah never purchased the property.
TMJ4 attempted to contact Nantomah by visiting a co-working space linked to his business address and another address listed as his residence, but he was not found.
After repeated attempts, Nantomah responded via email, writing, in part, “I have never stolen any investors’ funds…” and “…Based on the volume of transactions we do, it’s not uncommon for some partners to be aggrieved when doing business.”
