The United States Securities and Exchange Commission has filed a fraud complaint against Nigerian motivational speaker and self-acclaimed wealth coach, Joseph Nantomah, accusing him of duping investors of over $4.4 million in an unregistered real estate scheme.

Court filings exclusively obtained by Peoples Gazette showed that Mr Nantomah, widely known as “Dr Money,” was sued alongside two companies under his control — Investorade Club and Oilblock Investment Group — at the U.S. District Court for the Eastern District of Wisconsin.

According to the SEC’s complaint, Mr Nantomah collected approximately $2 million from investors through his company, Investorade Club. While he claimed the funds would be used for real estate ventures, only $720,000 went into actual property-related expenses. The remaining funds were misappropriated, with over $1.2 million allegedly diverted for personal use and $56,000 paid out as supposed returns to earlier investors.

In a separate scheme operated under Oilblock Investment Group, Mr Nantomah allegedly received more than $2.4 million from at least 105 investors. He promised the funds would be invested in short-term real estate deals in the U.S., but the SEC said many of the properties were either never purchased or did not exist. Altogether, the Commission accused Mr Nantomah of fraudulently obtaining a total of $4.4 million from both schemes.

The SEC alleged that between June 2019 and October 2021, Mr Nantomah targeted members of the Nigerian community in the United States with promises of high returns through investment in short-term real estate deals, including house flipping.

Mr Nantomah claimed investors would earn between 15 to 50 percent returns within months. But investigators said he diverted much of the money to personal use, including funding his lifestyle and other undisclosed ventures. The complaint also accused him of failing to register the investment offering with the SEC.

“Many of the representations Nantomah made to investors were false,” the complaint stated, noting that some of the properties either didn’t exist or were never acquired, and promised returns were not delivered.

The SEC also said Mr Nantomah used new investor funds to pay off old investors in a Ponzi-like pattern, while misrepresenting how the business operated and failing to disclose the risks.

Court records show that the matter was filed on August 1, 2025 and remains active as of August 8. The SEC is seeking civil penalties, return of funds and a permanent injunction against Mr Nantomah and his companies.

Known for his motivational videos and “wealth coaching” seminars, Mr Nantomah has cultivated a large following online, especially among diaspora Nigerians, where he frequently shares luxury lifestyle photos and financial advice.

He is yet to publicly respond to the allegations. Attempts by The Gazette to reach him via his Instagram handle were unsuccessful as he did not respond to inquiries by our correspondent as of press time.