Former Real Estate VP Charged with $2.3 Million Investor Fraud

Federal prosecutors allege the funds were used for personal expenses, including luxury purchases and a home down payment.

CAMDEN, NJ – A former Vice President of Project Management at National Realty Investment Advisors (NRIA) has been indicted on allegations of running an investment fraud scheme and misappropriating approximately $2.3 million from investors. According to Acting U.S. Attorney Vikas Khanna, 51-year-old Ivel Turner of Newark, Delaware, appeared in Camden federal court following an indictment charging him with eight counts of wire fraud and one count of securities fraud.

Alleged Misrepresentations and Fund Misuse

Prosecutors say Turner incorporated a separate entity, Oasis Realty Investment Group (ORIG), in April 2020 while he was still employed at NRIA, a real estate investment fund that claimed to have over $1.25 billion in assets under management. Turner allegedly “used NRIA as a model” for ORIG, allegedly courting investors to finance and develop residential properties in Delaware, Pennsylvania, and other locations.

The indictment suggests Turner deceived would-be investors about ORIG’s financial standing and promised their contributions would primarily be used for real estate ventures. Instead, he is accused of siphoning off hundreds of thousands of dollars for personal expenses, including high-end retail purchases, multiple vehicles, international travel, and a down payment on his home.

NRIA Connections

At NRIA, Turner had access to the company’s private placement memorandum (PPM), which touted guaranteed returns of 12 percent per year over five years, along with other claims about investor distributions. Turner allegedly leveraged this knowledge while forming ORIG to lend credibility to the new enterprise.

Each wire fraud count carries a maximum sentence of 20 years in prison and a $250,000 fine, or twice the gross gain or loss. The securities fraud charge holds a potential 20-year prison term with a fine up to $5 million. Turner was released on a $100,000 unsecured appearance bond and other conditions after his initial hearing before U.S. Magistrate Judge Sharon A. King. His arraignment is set for February 4, 2025, before U.S. District Judge Susan D. Wigenton.

Authorities emphasize that the indictment’s charges are accusations only; Turner is presumed innocent unless proven guilty in court. Meanwhile, investors and the public are urged to remain vigilant about promises of unusually high returns and to scrutinize opportunities carefully to avoid being defrauded.