Vesta Realty Business Partner Sues CEO for Alleged Fraud

Lawsuit claims Vesta Realty CEO Marc Kulick used the company as a 'personal piggy bank'

Apr. 1, 2026 at 9:48pm

Got story updates? Submit your updates here. ›

The owner of Vesta Realty, a real estate company that owns 40 apartment complexes mostly in Oklahoma, is being sued by his business partner, Josef Loeffler. The lawsuit alleges that Kulick engaged in a 'Ponzi-like' scheme, using company funds for personal expenses, including $37 million in credit card payments, and failing to distribute proceeds to investors.

Why it matters

The lawsuit against Vesta Realty's CEO highlights growing concerns about fraud and mismanagement in the real estate investment industry, particularly as the company has faced over 20 lawsuits in recent months alleging hundreds of millions in unpaid amounts.

The details

According to the lawsuit, Loeffler was responsible for raising capital for the company, while Kulick had exclusive control of the books and management of the properties. The suit claims that early on, Loeffler caught Kulick stealing $200,000, but Kulick apologized and they agreed to hire an independent accountant for oversight. However, the suit alleges that Kulick continued to misuse company funds, including liquidating properties, taking out secret loans, and using company money to pay his personal credit card bills totaling $37 million. A forensic report cited in the lawsuit describes Kulick's financial actions as 'classic Ponzi-like', pointing to revelations that in two months of 2025, Vesta had an average daily account balance of only $80,000 but outflows of close to $59 million.

  • In recent months, Vesta Realty has been subject to at least 20 lawsuits, possibly more, alleging hundreds of millions of dollars in unpaid amounts.
  • In January 2026, Vesta Realty CEO Marc Kulick told 2 News Oklahoma that 'it's been a hard year' and that he 'tried to take on a lot of the needs of the portfolio myself and not hurt my investors.'

The players

Marc Kulick

The owner of Vesta Realty, a real estate company that owns 40 apartment complexes mostly in Oklahoma. He is being sued by his business partner for alleged fraud and misuse of company funds.

Josef Loeffler

The business partner of Marc Kulick who is suing him for allegedly using Vesta Realty as a 'personal piggy bank' and engaging in a 'Ponzi-like' scheme.

Vesta Realty

A real estate company that owns 40 apartment complexes, mostly in Oklahoma, and has been subject to over 20 lawsuits in recent months alleging hundreds of millions in unpaid amounts.

Got photos? Submit your photos here. ›

What they’re saying

“'It's been a hard year. I tried to take on a lot of the needs of the portfolio myself and not hurt my investors and not try to dilute investors, that's been a goal of mine.'”

— Marc Kulick, Vesta Realty CEO

What’s next

It is unclear whether Marc Kulick is under investigation for any potential criminal charges related to the allegations in the lawsuit.

The takeaway

This lawsuit highlights the growing concerns about fraud and mismanagement in the real estate investment industry, as Vesta Realty faces multiple lawsuits alleging hundreds of millions in unpaid amounts. The case raises questions about the oversight and accountability of real estate investment firms and their executives.