US Commission Drags ‘Millionaire’ Life Coach, Joseph Nantomah To Court Over Alleged $1.9m Real Estate Fraud
The United States Securities and Exchange Commission (SEC) has instituted legal proceedings against a Nigerian self-acclaimed millionaire and life coach, Mr Joseph Nantomah, over an alleged $1.9million real estate investment fraud.
Filed before the Wisconsin Eastern District Court on August 1, 2025, SaharaReporters reports that SEC’s suit accuses Mr Nantomah and three firms under his control—Investors Capital LLC, Global Investors Capital LLC, and High Income Performance Partners LLC—of orchestrating a Ponzi-style scheme between May 2020 and January 2024.
According to the Commission, the defendants deceived at least 30 investors across the United States, many of whom were members of the Nigerian-American community, under the guise of purchasing, renovating, and reselling properties for profit.
Contrary to his lofty claims of managing a $23million property portfolio, public records revealed that Nantomah and his entities only held 11 properties collectively worth about $1million during the period under review.
The SEC alleges that over 80 per cent of the funds raised were diverted to personal use and unrelated ventures. Nantomah, who migrated to the US in 2016, had positioned himself as an “incredibly successful entrepreneur” via social media, seminars, and speaking engagements, touting his supposed rags-to-riches journey as bait for prospective investors.
In a related matter heard earlier in May 2025, a US court granted damages in favour of two aggrieved investors, Mr Alfred Olusanya and Ms Olayinka Nnochiri, who had invested $55,000 and $50,000 respectively.
The court ruled that Nantomah had breached investment agreements and labelled the transaction a Ponzi scheme.
Both plaintiffs were awarded exemplary and punitive damages totalling $100,000.
The presiding judge described the defendant’s conduct as “malicious and intentional,” asserting that Nantomah had no real intention of honouring the investment deals.
Despite the allegations, SaharaReporters reports that Nantomah has denied wrongdoing, insisting that investors approached him based on his perceived success.
He claimed transparency in his dealings and argued that his stated portfolio value included assets from business partners.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
