Former NRIA VP faces New Jersey enforcement action over alleged $630M real estate scheme

Ivel Turner allegedly sold at least $2.35M of unregistered securities issued by Oasis Realty Investment Group

Attorney General Matthew Platkin and National Realty Investment Advisors' Ivel Turner (Lowenstein Sandler LLP, Oasis Realty)
Attorney General Matthew Platkin and National Realty Investment Advisors' Ivel Turner (Lowenstein Sandler LLP, Oasis Realty)

The New Jersey Bureau of Securities initiated a civil enforcement action the former vice-president of the now-defunct National Realty Investment Advisors, who is accused of orchestrating a real estate fraud that affected investors nationwide, with $630 million invested in the firm.

The complaint, filed in Superior Court in Essex County, alleges Ivel Turner sold at least $2.35 million of unregistered securities issued by Oasis Realty Investment Group, which he founded, according to a press release from the New Jersey Attorney General.

Investors were led to believe that their funds would be used for large-scale real estate projects, high-value single-family home flips, and other ventures, promising annual returns of up to 13 percent.

Contrary to the representations made to investors, Oasis had no actual involvement in the promised real estate ventures, the complaint alleges. Instead, Turner is accused of misusing a substantial portion of the investor funds for personal benefits, including extravagant retail and jewelry purchases, school tuition, and investments in Integrated Data Solutions, another entity under his control.

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Attorney General Matthew J. Platkin said the Oasis securities were “fictional investments created out of whole cloth” to fund Turner’s lavish lifestyle. 

The complaint also details Turner’s alleged involvement in fraudulent conduct while employed by NRIA. Although not named in the Summary Cease and Desist Order filed against NRIA in June 2022, Turner allegedly played a role in actions that led to significant investor losses. NRIA subsequently filed for Chapter 11 bankruptcy protection and ceased operations

The allegations against Turner include multiple violations of the New Jersey Uniform Securities Law, such as operating without required registration, employing a scheme to defraud, making untrue statements of material fact, and omitting material facts in connection with the sale of Oasis securities.