WISCONSIN MAN SWINDLES INVESTORS OUT OF $1.9 MILLION, SPENDS 80% ON HIMSELF!

SEC v. Dr. Joseph J. Nantomah, Investors Capital LLC, Global Investors Capital LLC, et al. — U.S. Securities and Exchange Commission Litigation Release No. 26368, dated August 1, 2025.

The SEC charged Dr. Joseph J. Nantomah and his three companies with a real estate offering fraud. Nantomah allegedly raised at least $1.9 million from over 30 investors by promising to buy, fix, and flip properties. Instead, he misused the funds, spending at least 80% on himself and other ventures, not on the promised real estate investments.

In Plain English

Imagine someone promised to use your money to buy houses, fix them up, and sell them for a profit. But instead of doing that, they took most of the money and spent it on themselves. That's what the SEC says happened here. They are accusing a man and his companies of taking money from people for a real estate plan but then using it for personal expenses.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Promised Real Estate Investment Dr. Joseph J. Nantomah and his companies, Investors Capital LLC, Global Investors Capital LLC, and High Income Performance Partners LLC, solicited investors. They promised to purchase, fix, and flip real estate for profit.
2. Raised Funds From approximately May 2020 through at least January 2024, the defendants collectively raised at least $1.9 million from at least 30 investors across the United States, including nine in Wisconsin.
3. Misappropriation of Funds Contrary to their promises, Nantomah allegedly misused investor money. He spent at least 80% of the funds on himself and his other ventures, rather than on the promised real estate transactions.
4. Targeted Community Many of the investors were members of the Nigerian-American community, who were allegedly unaware that their money was not being used for the promised real estate investments.

The Enforcement Action

On August 1, 2025, the SEC filed a complaint in the U.S. District Court for the Eastern District of Wisconsin against Dr. Joseph J. Nantomah and his three companies, Investors Capital LLC, Global Investors Capital LLC, and High Income Performance Partners LLC. The SEC charged the defendants with violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint also alleges that Nantomah is liable as a control person for the other defendants' violations of Section 10(b) and Rule 10b-5. The SEC seeks permanent injunctive relief, a conduct-based injunction against Nantomah, disgorgement with prejudgment interest, and civil penalties against all defendants. The SEC's investigation was conducted by Dee A. O’Hair and Steven Tremaglio, supervised by Amy Flaherty Hartman and Anne McKinley, and the litigation will be led by BeLinda Mathie and Michael Foster, supervised by Ben Hanauer and Eric Phillips, all of the SEC’s Chicago Regional Office. The SEC appreciates the assistance of the Wisconsin Department of Financial Institutions.

Named in this action: Dr. Joseph J. Nantomah, Investors Capital LLC, Global Investors Capital LLC, High Income Performance Partners LLC.

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