A former executive of a real estate investment firm has been formally charged for his involvement in a fraudulent scheme that stole millions of dollars from investors. The accused, Ivel Turner, 51, from Newark, Delaware, is facing serious charges of wire fraud and securities fraud. According to the U.S. Attorney’s Office, Turner was indicted by a federal grand jury for misappropriating approximately $2.3 million from investors who trusted him with their money.
The case centers around Turner’s role as the Vice President of Project Management at National Realty Investment Advisors (NRIA), a company that claimed to manage over $1.25 billion in assets. Turner’s actions led to his involvement in creating a separate company, which ultimately misled investors and misused their funds. The indictment has raised questions about the integrity of real estate investment businesses and how easily investors can be taken advantage of.
Turner’s Role at NRIA and the False Promises
For years, NRIA positioned itself as a reliable real estate investment management company, offering high returns to investors. The firm promised a minimum return of 12 percent per year over five years and monthly distributions of between six to ten percent of the original investment. These were enticing promises for anyone looking to grow their wealth in real estate. Turner had full access to the company’s marketing materials, including its Private Placement Memorandum (PPM), which outlined these guarantees and claims of successful real estate investments.
Fraud Uncovered: McPhee and Posey Accused of $8M Investment Scam
However, things took a turn in April 2020 when Turner left NRIA and started a new business called Oasis Realty Investment Group (ORIG). This company, like NRIA, was involved in real estate investments, particularly in areas such as Delaware and Pennsylvania. But Turner began making some suspicious decisions that would lead to serious charges against him.
Fraudulent Actions to Mislead Investors
After founding ORIG, Turner used his knowledge from his time at NRIA to attract investors to his new venture. He falsely assured them that their money would be put into real estate projects that would generate profits. Turner convinced investors to buy into his vision, promising that their funds would be used only for real estate development and projects that would benefit them financially.
Unfortunately, these promises were far from the truth. Instead of using the money as intended, Turner used hundreds of thousands of dollars for personal expenses. He made purchases such as luxury goods, several vehicles, international trips, and even a down payment on a new home for himself. This misuse of investor funds is at the heart of the wire fraud charges that Turner now faces. The investors, trusting Turner’s representation of ORIG, were unaware that their money was being spent on personal luxuries instead of business development.
These actions led to the loss of millions of dollars, and Turner is now facing multiple criminal charges. He was indicted on eight counts of wire fraud, each carrying the possibility of a 20-year prison sentence, along with a fine of up to $250,000 or double the amount he gained from the scheme. Additionally, he faces one count of securities fraud, which carries a maximum penalty of 20 years in prison and a fine of up to $5 million.
Brave UK Investment Firm Director Exposes Espionage Plot; Wins £560,000
Legal Proceedings and Investigation
Turner was arrested and appeared in court before U.S. Magistrate Judge Sharon A. King in Camden, New Jersey, on January 24, 2025. He was released on a $100,000 unsecured bond, with additional conditions. His official arraignment is set for February 4, 2025, before U.S. District Judge Susan D. Wigenton.
The investigation into Turner’s fraudulent activities was led by the Federal Bureau of Investigation (FBI), which worked closely with U.S. Attorney Vikas Khanna’s office. The FBI’s special agents uncovered evidence that pointed to Turner’s intentional misrepresentation of financial data and the misuse of investor funds. This investigation has been an important step in holding financial professionals accountable for their actions, especially when they exploit the trust of ordinary people.
This case serves as a reminder of the risks involved in real estate investments and the importance of vigilance when dealing with large sums of money. As this case continues to unfold, authorities will pursue justice to ensure that Turner faces the consequences of his actions.
