Nigerian national Joseph Nantomah accused of $4.4M real-estate fraud

Joseph Nantomah accused of $4.4M real-estate fraud: what happened, why it matters, and how to protect yourself

Updated August 10, 2025. The U.S. Securities and Exchange Commission (SEC) has filed a civil complaint against Nigerian motivational speaker and self-styled wealth coach Joseph Nantomah — widely known online as “Dr Money” — accusing him of raising millions from investors in unregistered real-estate investments and misusing the funds. The complaint and related reporting allege that roughly $4.4 million was raised through multiple schemes and that much of the money was not used for the property deals investors were promised.

Quick summary

• Who: Joseph Nantomah (aka “Dr Money”) and companies tied to him, including Investorade Club and Oilblock Investment Group.
• What: A civil enforcement suit by the SEC alleging unregistered securities offerings, misrepresentations, and diversion of investor funds.
• How much: Media reporting and court filings describe roughly $4.4 million raised across two named schemes; other filings cite at least $1.9 million tied to some entities named in the SEC release.
• Where & when: Complaint filed in the U.S. District Court for the Eastern District of Wisconsin on August 1, 2025; reporting published in early August 2025.
• What the SEC seeks: civil penalties, return of funds to investors, and a permanent injunction.

The allegations, explained plainly

According to the SEC’s complaint, Nantomah solicited money from members of the Nigerian diaspora in the U.S., pitching short-term “fix-and-flip” real estate deals promising quick returns — sometimes as high as 15%–50% in a matter of months. Investors were told their funds would be used to buy, renovate, and quickly resell houses.

But investigators say reality did not match the sales pitch. The SEC alleges that:... Read complete content click link below

Only a fraction of investor funds actually went into real property expenses; much was diverted for personal use or other undisclosed ventures. (Example cited: about $2 million raised through one company with only $720,000 applied to property expenses and over $1.2 million alleged to be misused.) Some properties described to investors were never purchased or never existed, and some returns were paid using incoming funds from new investors — a Ponzi-like pattern. The offerings were not properly registered with the SEC and included alleged material misrepresentations about assets and track record. Why this case matters — beyond the headlines This story is about more than a single defendant. It highlights how social media, seminars, and influencer-style marketing can be used to build trust quickly — and how that trust can be exploited. The alleged scheme used polished online personas and promises of outsized returns to target a tight-knit community, demonstrating two common features of investment fraud:

Affinity targeting: scammers often focus on groups (by nationality, religion, profession) where word-of-mouth reduces skepticism. Too-good-to-be-true returns: guaranteed or very high short-term returns are a classic red flag. Promises of 15–50% returns in months are unrealistic for legitimate, low-risk real estate flips. What the SEC says (official source) The SEC’s enforcement release and court complaint lay out the legal basis for the suit: violations of registration provisions and anti-fraud securities laws. The SEC’s public materials describe the entities named, timelines, investor numbers, and the relief it is seeking — restitution, penalties, and injunctive relief.