MILWAUKEE, Wis. — Federal prosecutors have charged former Milwaukee businessman Joseph Nantomah with running a fraudulent fix-and-flip real estate scheme that allegedly defrauded investors of more than $1.9 million.
Nantomah was arrested last week in Florida and has been denied bail. A judge has ordered his transfer to Wisconsin to face federal charges.
According to the criminal complaint, Nantomah operated the scheme through four LLCs, using investor funds for personal expenses including vehicles, boats, jewelry, luxury travel, and Ponzi-style repayments to earlier investors. Investigators say he deceived at least 32 individuals and businesses between 2020 and 2024.
The FBI began investigating Nantomah in February 2025, following complaints from former investors and civil lawsuits filed by AxePoint Law in Milwaukee. Nearly two dozen civil suits have been filed on behalf of victims, some of whom lost significant portions of their retirement savings.
“These are real people. I know their stories and what they’ve had to forego,” said Emil Ovbiagele, managing shareholder at AxePoint Law. “We intend to ensure the humanity and human loss of this remains at the forefront of the case.”
TMJ4 reported that over the past year, journalists attempted to contact Nantomah multiple times. He responded once, claiming, “I have never stolen any investors’ funds.”
Victims interviewed by TMJ4 described the devastating impact of the scheme, with some losing more than $100,000. One couple said they were relieved by the arrest, hoping it prevents further victims.
The current criminal complaint focuses on a single count of wire fraud. Federal prosecutors are expected to file a full indictment within 30 days of Nantomah’s arrest.
