A United States–based Nigerian businessman, Joseph Nantomah, who was previously interviewed by media personality Daddy Freeze, is battling federal fraud charges over an alleged real estate investment scheme that regulators say defrauded dozens of investors of millions of dollars.
Nantomah, a Milwaukee businessman, is facing a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which accuses him of running a fraudulent investment operation that targeted at least 30 clients and allegedly cost them up to $4 million. He has denied all allegations and is asking a federal judge to dismiss the case.
According to the SEC, Nantomah lured investors with promises of high returns from real estate “flipping” projects. However, federal investigators allege that instead of investing the funds as claimed, he diverted most of the money for personal use, including the purchase of luxury items such as cars and jewelry.
Among the alleged victims is a Milwaukee couple who say they lost their life savings after investing with Nantomah. Speaking anonymously, the couple said they met him through their church community and invested more than $100,000 in his company.
“He’s a swindler. He’s very good at what he does, and unfortunately, we believed him,” the couple said.
They said Nantomah promised to return their capital along with $35,000 in profit from real estate deals, but claim they have received nothing. The wife described the experience as “shameful and embarrassing,” explaining that they have not told their children about the loss of their retirement savings.
“Can you imagine getting the rug pulled from under your feet and you fall on your face?” the husband said, describing what he called a deep sense of betrayal.
The couple is represented by Milwaukee-based AxePoint Law, which has filed nearly two dozen civil lawsuits against Nantomah on behalf of former investors.
“We have actual cases where judges, as a matter of law, have ruled on the merits and found Mr Nantomah to be operating a Ponzi scheme,” said Emil Ovbiagele of AxePoint Law.
Ovbiagele added that the alleged scheme has had devastating consequences for clients. “We have clients who had to move out of their homes, who couldn’t send their kids to college. We’ve had clients whose marriages were wrecked by the financial devastation,” he said.
A few other Nigerians based in the US admitted that after Nantomah appeared on the live show of popular On Air Personality, Daddy Freeze, they believed he was a genuine investor and decided to trade their hard-earned money with him.
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AxePoint Law also claims Nantomah has failed to comply with multiple settlement agreements by not making agreed-upon payments to investors.
While Nantomah’s website claims he controls real estate assets valued at more than $23 million, SEC filings dispute that assertion. According to regulators, Nantomah and his three companies owned just 11 properties worth approximately $1 million, with more than half facing potential foreclosure.
The SEC further alleges that Nantomah’s widely promoted “rags-to-riches” story—used to attract investors, many of them Nigerian immigrants—is misleading. During a deposition, he was questioned about claims that he migrated to Wisconsin with just $4,700. Nantomah reportedly said he could not recall the exact amount but insisted he had enough funds to care for his family at the time.
In a recent federal court filing, Nantomah formally responded to the SEC’s lawsuit, arguing that the real estate transactions at the centre of the case were not securities and that investor losses resulted from market conditions rather than fraud.
Over the past year, U.S. media outlet TMJ4 reported repeated attempts to locate Nantomah through visits to his listed home and office addresses, as well as phone calls and emails. He responded once, stating in part: “I have never stolen any investors’ funds,” adding that “based on the volume of transactions we do, it’s not uncommon for some partners to be aggrieved.”
Updated federal court filings show that Nantomah has since relocated to Florida, a move that has heightened fears among former investors that he may be targeting new victims.
“He pretended he cared about us and he lied,” the Milwaukee couple said.
Asked what justice would look like, the husband said he simply wants their money returned and accountability enforced. “It’s not right,” he said.
The federal lawsuit, which was delayed by a recent U.S. government shutdown, is now moving forward. The court has scheduled a conference for February 23 to set deadlines for the case.
