TULSA, Okla. — The owner of Vesta Realty is being sued by his business partner, alleging egregious levels of deception and fraud.
Vesta owns 40 apartment complexes, mostly in Oklahoma, and 13 in Tulsa.
WATCH: LAWSUIT FILED: Vesta Realty’s business partner sues, claims fraud
In recent months, the company has been subject to at least 20 lawsuits, possibly more, alleging hundreds of millions of dollars in unpaid amounts.
“It’s been a hard year,” Marc Kulick told 2 News Oklahoma in January. “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.”
Hurting investors is exactly what his business partner, Josef Loeffler, claims in a new lawsuit. He wants Kulick removed from the company, alleging he used the business as a “personal piggy bank.”
In the suit, Loeffler said while he was responsible for raising capital, Kulick was the sole manager of the properties and had exclusive control of the books.
Early on in their business adventure, Loeffler claims he caught Kulick stealing $200,000, but that he apologized. The two agreed to hire an independent accountant for oversight.
The suit says it is unclear whether that accountant ignored the problems or was unaware of them.
Over the years, Loeffler claims Kulick fed his “voracious appetite for cash” by moving money around in an alleged crime similar to check kiting.
The suit also claims he liquidated property, failed to distribute proceeds to investors, secretly took out loans, and used company funds to pay at least $37 million in personal credit card payments.
A cited forensic report describes Kulic’s financial actions as “classic Ponzi-like.” It points to revelations that, in two months of 2025, Vesta had an average daily account balance of roughly $80,000, but outflows close to $59 million.
Kulick is a known high-stakes gambler and lives in a 9,000-square-foot home. The suit claims Kulick is supposed to make $6,000 a month and has never received an authorized pay raise.
While this lawsuit alleges potential crime, there are no charges against him. It is unclear whether he is under investigation.
We reached out to Kulick for comment on these latest allegations and did not hear back.
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