Joseph James Nantomah, a Nigerian motivational speaker popularly known as ‘Dr Money’ is currently enmeshed in a $4.4 million real estate fraud in the United States.
The United States Securities and Exchange Commission (SEC) has filed a fraud complaint against Nantomah for allegedly defrauding investors of more than $4.4 million through an unregistered real estate scheme.
Court documents obtained from the U.S. District Court for the Eastern District of Wisconsin show that Nantomah was charged alongside two companies under his control, Investorade Club and Oilblock Investment Group.
According to the SEC, Nantomah raised about $2 million from investors through Investorade Club, claiming the funds would be used for real estate ventures. However, only about $720,000 was spent on actual property-related expenses. The remaining funds were allegedly misused, with over $1.2 million diverted for personal use and about $56,000 paid to earlier investors as purported returns.
In a separate scheme under Oilblock Investment Group, he reportedly obtained more than $2.4 million from at least 105 investors. He had promised to invest in short-term real estate deals in the United States, but investigators said many of the properties were either never acquired or did not exist.
Altogether, the SEC alleged that Joseph James Nantomah fraudulently obtained approximately $4.4 million across both schemes.
The complaint further stated that between June 2019 and October 2021, Nantomah targeted members of the Nigerian community in the U.S., promising returns of between 15 and 50 percent within a few months through property investments such as house flipping.
However, regulators allege that much of the money was diverted for personal use, including funding his lifestyle and other undisclosed ventures. He was also accused of failing to register the investment offerings with the SEC, as required by law.
“Many of the representations Nantomah made to investors were false,” the complaint stated, noting that some properties were nonexistent and promised returns were not delivered.
The SEC also alleged that he used funds from new investors to pay earlier investors in a pattern resembling a Ponzi scheme, while misrepresenting the nature of the business and failing to disclose associated risks.
Court filings indicate the case was submitted on August 1, 2025, and remains active.
The SEC is seeking civil penalties, restitution, and a permanent injunction against Nantomah and his companies.
Known for his motivational content and “wealth coaching” seminars, Nantomah built a significant following online, particularly among Nigerians in the diaspora, where he often showcased a luxury lifestyle and offered financial advice.
As of the time of reporting, he has not publicly responded to the allegations, and attempts to reach him for comment were unsuccessful.