U.S. SEC Charges Nigerian Motivational Speaker Joseph Nantomah with $4.4 Million Real Estate Fraud

The United States Securities and Exchange Commission (SEC) has filed a civil fraud complaint against Nigerian motivational speaker and self-styled wealth coach, Joseph Nantomah, accusing him of defrauding investors of over $4.4 million through unregistered real estate schemes.

Filed on August 1, 2025, at the U.S. District Court for the Eastern District of Wisconsin, the suit also names two companies under Nantomah’s control Investorade Club and Oilblock Investment Group.

According to the SEC, between June 2019 and October 2021, Nantomah solicited funds from members of the Nigerian community in the U.S., promising returns of 15–50% from short-term real estate investments, including house flipping.

In one scheme, Investorade Club reportedly raised about $2 million, with only $720,000 used for legitimate property expenses. The SEC alleges that over $1.2 million was diverted for personal use, while $56,000 went to pay earlier investors.

Under Oilblock Investment Group, Nantomah allegedly collected more than $2.4 million from at least 105 investors for real estate projects that were either never purchased or did not exist. The SEC claims he used new investor funds to pay old ones in a Ponzi-style operation, while failing to register the offerings and misrepresenting investment risks.

The Commission is seeking civil penalties, restitution, and a permanent injunction against Nantomah and his companies.

Known online as “Dr. Money,” Nantomah has built a large social media following, sharing luxury lifestyle content and financial advice. As of press time, he has not responded publicly to the allegations, and attempts to reach him via Instagram were unsuccessful.