This browser does not support the Video element.
Investment scheme, Milwaukee man sentenced
Investigators say a Milwaukee man used his community and culture to swindle people out of millions of dollars. Now, he is headed to prison.
MILWAUKEE - Investigators say a Milwaukee man used his community and culture to swindle people out of millions of dollars. Now, he is headed to prison.
Investment scheme
The backstory:
Federal investigators said Joseph Nantomah flaunted it on social media and attributed his success to his real estate business, but investigators said he was instead using stolen money for personal gain.
FREE DOWNLOAD: Get breaking news alerts in the FOX LOCAL Mobile app for iOS or Android
A federal indictment explains Nantomah, a Nigerian immigrant, persuaded people in his community to invest millions in a flip-and-fix real estate business, convincing them he owned properties across the area.
What they're saying:
Emil Ovbiagele of AxePoint represents more than 20 clients swindled out of millions. He said civil lawsuits helped build a federal case.
"His victims weren’t random. He specifically targeted people who looked like him, people who spoke like him and people he knew had the same faith," Ovbiagele said. "Broken trust. A lot of families ripped apart."
Prison sentence and restitution
What we know:
Last Friday, Nantomah was sentenced to four years in federal prison and ordered to pay more than $2.7 million in restitution.
"The sentence really reflects the seriousness of the offense," said Robert Kuszynski, an acting special agent with the IRS.
Kuszynski said Nantomah created a Ponzi scheme using newer investor money to pay older ones. Ovbiagele said many of the victims "may never be made whole, financially."
Protect yourself
What you can do:
The IRS says there are ways to protect yourself against schemes like this. They say ask questions about who controls the money, independently check property records, and slow down when someone is pressuring you to invest.
"The simplest lesson is the most important. Do not let trust replace verification," Kuszynski said.
Portions of this article were formatted using A.I. FOX6’s Ashley Sears and an editor reviewed it for accuracy and tone prior to publishing.
The Source: Information in this story was gathered from the IRS, a federal indictment, interviews with Ovbiagele and Kuszynski and social media posts.