Federal prosecutors have filed a nine-count indictment against former Milwaukee businessman Joseph James Nantomah, popularly known online as “The Black Mentor,” accusing him of orchestrating a fraudulent real estate investment scheme that allegedly defrauded dozens of investors of more than $1.9 million.
The indictment expands on a criminal complaint filed last month that centred on a single wire fraud allegation. Prosecutors now accuse Nantomah of six counts of wire fraud and three counts of money laundering linked to specific bank transfers and financial transactions carried out between 2023 and 2024.
If convicted, he faces up to 20 years’ imprisonment on each wire fraud count and up to 10 years on each money laundering count, alongside potential fines and forfeiture of assets.
Court documents show that Nantomah was arrested in Florida in late January. He was denied bail and later transferred to Wisconsin, where the indictment was filed in the Eastern District of Wisconsin.
According to prosecutors, the alleged scheme involved pitching fix-and-flip property investments to victims, often through business coaching classes and conferences, and posting videos of property walkthroughs to lend credibility to purported deals. Investigators further allege that investor funds were diverted to personal expenses, luxury purchases, immigration-related “golden visa” programmes and repayments to earlier investors in a Ponzi-style arrangement.
Authorities also claim that some financial transfers were “lulling payments” — partial returns intended to sustain investor confidence and delay suspicion.
Previous reporting by TMJ4’s Andrea Albers cited FBI financial analysis indicating that at least 32 individuals and businesses invested more than $1.9 million with Nantomah between 2020 and 2024. Milwaukee-based AxePoint Law has since filed nearly two dozen civil lawsuits on behalf of investors seeking recovery.
U.S. court remands Nigerian-US-based serial fraudster, Joseph Nantomah in prison custody pending trial
Several investors have spoken publicly about their losses, including a couple who said they lost more than $100,000 intended for retirement savings. Following news of Nantomah’s arrest, they expressed relief, saying they hoped it would prevent further losses by others.
At his arraignment on February 12, Nantomah pleaded not guilty to all charges. His trial is scheduled to begin on April 21, 2026, although the date may change as pre-trial motions proceed. A scheduling conference has been set for February 27.
The indictment also carries a forfeiture notice, meaning that if convicted, Nantomah could lose assets tied to the alleged offences — including bank funds, real estate, vehicles or other property — with prosecutors authorised to pursue substitute assets where necessary.
Nantomah has previously denied wrongdoing, stating in a written response that he had “never stolen any investors’ funds.”
Separately, the U.S. Securities and Exchange Commission filed a parallel civil case in August 2025 alleging similar conduct and accusing him of targeting members of the Nigerian-American community with false promises of profitable property deals. Proceedings in that case may be delayed pending the outcome of the criminal trial.
Further developments are expected in both the criminal and civil proceedings.
