Milwaukee Man Sentenced in Investment Scheme
MILWAUKEE – Investigators say a Milwaukee man swindled members of his community out of millions of dollars through an investment scheme. Now, he is headed to prison.
Investment Scheme Overview:
Federal investigators reported that Joseph Nantomah, a Nigerian immigrant, used social media to showcase a fraudulent real estate business, misleading individuals in his community into investing millions. Instead of genuine business profits, he used stolen funds for personal extravagance.
Victims and Legal Actions:
Nantomah’s tactics specifically targeted individuals who shared his ethnic and cultural background. Emil Ovbiagele, an attorney representing over 20 victims, stated that many families were deeply affected, suffering from broken trust.
Court Sentencing:
Last Friday, Nantomah was sentenced to four years in federal prison and ordered to pay over $2.7 million in restitution. This punishment underscores the severity of his crimes, as reported by IRS Special Agent Robert Kuszynski, who stated that Nantomah’s scheme operated as a Ponzi model, using funds from new investors to pay previous ones.
Preventative Measures:
The IRS advises the public to be cautious with investment opportunities:
- Inquire about who controls the funds.
- Verify property records independently.
- Take time when facing pressure to invest.
Kuszynski emphasized that maintaining a level of skepticism and verification is crucial in avoiding similar scams.
Portions of this report were written with assistance from AI and reviewed for accuracy.
Source:
Information is derived from IRS reports, federal indictments, and interviews with involved parties.
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