Marc Kulick Lawsuits: Partner Fraud, Foreclosures, and Tenants

Marc Kulick, the Tulsa-based CEO and founder of Vesta Realty, is the defendant in a cascade of lawsuits filed since late 2025, including a fraud suit from his own business partner alleging he siphoned tens of millions from the company, more than a dozen creditor and contractor cases in Oklahoma, and Fannie Mae foreclosure proceedings on eight apartment properties carrying a combined principal balance of $174,352,000.¹ Vesta manages a portfolio its website has described as nearly 10,000 apartment units valued at roughly $1 billion, concentrated in the Tulsa and Oklahoma City metros, and tenants at several of those properties have gone months without hot water or reliable trash and water service while the legal fights play out.²

The Fraud Suit From His Own Business Partner

The most serious case against Kulick was filed in March 2026 by his business partner, Josef Loeffler. The 199-page complaint, Vesta Capital LLC, et al. v. Marc Kulick, et al. (Case No. JO-2026-CV-000792), was filed in Johnson County, Kansas, and names Kulick along with Vesta Realty LLC, Vesta Holdings LLC, and Louis Investments LLC as defendants.³

The complaint alleges Kulick treated Vesta Realty as a “personal piggy bank” to feed what it calls a “voracious appetite for cash.” According to the filing, Kulick used company funds to pay at least $37 million in personal credit card charges, even though he was authorized to earn only $6,000 per month and never received an approved raise. A forensic report cited in the suit described the practices as “classic Ponzi-like”: over two months in 2025, Vesta accounts carried an average daily balance of around $80,000 while moving nearly $59 million in outflows.⁴

Loeffler also claims Kulick shuffled money between entities in a way “similar to check kiting,” took out loans in secret, and liquidated properties without distributing proceeds to investors. An investor quoted in reporting on the case called the arrangement a “rat’s nest of fraud and deceit.”² The suit says Loeffler had previously caught Kulick stealing $200,000, that Kulick apologized, and that the partners then hired an independent accountant, though the complaint does not resolve whether that accountant missed ongoing problems or was kept in the dark.⁴

The complaint ties the alleged diversions to Kulick’s lifestyle. The Tulsa County Assessor valued his 9,060-square-foot home at $1.7 million in 2025, and the suit describes him as a “known high-stakes gambler,” citing a poker tracking site that showed him running net winnings up to $459,900 by late January 2025 before dropping to $20,600 by mid-February.²

Loeffler is asking the court to remove Kulick from the company. The case remains pending before Judge Joann Woltman, with the defendants’ responsive plea due June 18, 2026.³ No criminal charges have been filed, and it is not known whether Kulick is under investigation.⁴

Creditor and Contractor Suits Piled On

Loeffler’s suit landed on top of a stack of smaller cases that had been building for months. Eight lawsuits had been filed against Vesta and Kulick between November 2025 and January 2026.⁵ By April 2026, Oklahoma reporting counted 13 lawsuits filed in the state since December 2025, with allegations totaling hundreds of millions of dollars.²

American Express sued in December 2025 over a platinum card balance of $333,379.94, with $324,228.92 past due. The filing noted that $323,711.35 in payments had been rejected by Kulick’s bank in October 2025, against a $50,000 spending limit.²
Three separate loan-default suits involve debts of roughly $1 million, $3 million, and $29 million. The $29 million case, filed by Creo Lending, accuses Kulick and a partner of “willful misconduct by diverting rents, misappropriating revenues and allowing unauthorized liens and mortgages.”⁵
Vesta’s office landlord has claimed more than $100,000 in unpaid rent.⁵
Blake Rempe of MBR Electric, who did electrical, plumbing, and HVAC work at Oklahoma City complexes, says he is still owed $50,000. He had filed a lien but dropped it at Kulick’s request.⁵
Rojo Construction sued in March 2026 alleging nonpayment for work at One Eton Square.⁶

An earlier federal case foreshadowed similar themes. In 2022, Vesta sued Somerset Best Living and Marc Realty for breach of contract in the Northern District of Oklahoma; Somerset counterclaimed and added Kulick as a third-party defendant, alleging Vesta had taken money from joint-venture accounts, paid itself unauthorized fees, and billed for construction work that was never done or overstated. Vesta filed a stipulation of dismissal that ended the case in July 2025.⁷⁸

Fannie Mae Foreclosures and the Drexel Flats Receivership

In March 2026, Fannie Mae moved to foreclose on eight Vesta properties in Tulsa, Bartlesville, Stillwater, and Oklahoma City, citing months of missed payments and Vesta’s failure to disclose other pending litigation. The combined principal was $174,352,000, and the properties involved were Barcelona, Villas at Midtown, Eton Square, Lexington Commons, Remington Ranch, Copperfield, Woodscape, and Capitol on 28th. Fannie Mae said it intended to keep operations running “without interruption to the care of residents.”¹

Lenders on the Drexel Flats complex in southwest Oklahoma City separately went to court over a $28 million loan that had matured in January 2025. Court filings said borrowers now owed more than $30 million and had failed to turn over rent and other property proceeds. By May 2026, a judge appointed a receiver to take over operations, removing Vesta Realty as the property’s management company.⁹

What Tenants Are Dealing With

At the Muntage Apartment Homes in Oklahoma City, tenants reported leaks, mold, and collapsing bathroom ceilings. Two residents said they went five winter months without heat or hot water; one said he was told to “boil” water if he wanted it hot.¹⁰ At Drexel Flats, tenants reported broken toilets, missing promised appliances, and overflowing dumpsters after Republic Services confirmed it had suspended trash pickup in December 2025 over nonpayment, along with recurring threats of water shutoffs. The Better Business Bureau of Oklahoma City revoked the company’s accreditation after receiving enough complaints.¹¹

Stillwater took the most aggressive public step. Residents of the 300-unit Remington Ranch complex had been without hot water since at least November 2025. In February 2026, the city council voted unanimously to declare the property a public nuisance and unfit for human occupancy, then authorized the city to sue Vesta Capital to abate the nuisance and recover costs.¹² Mayor Will Joyce said Vesta was $200,000 behind on utility bills to the city.¹³

In Tulsa, Vesta properties owed the city $421,534 in unpaid water bills as of March 13, 2026, more than half the total multi-family water debt owed citywide. The city posted water cutoff notices at Village Creek Apartments on March 23, 2026. Under city protocol, physical shutoff can follow within a week, and if a property goes three days without water, the health department requires residents to be moved out. City officials said Vesta had a pattern of “waiting until the very last minute to pay” its bills to avoid shutoffs.⁶

What Kulick and Vesta Have Said

Public statements from Kulick and Vesta have been brief. In a January 2026 interview, Kulick said his goal was to “not hurt my investors and not try to dilute investors.” After the Loeffler suit became public, Vesta’s chief operating officer, Ben Didier, told reporters the company was “aware of the filing and have nothing to share at this time.”⁴

On tenant conditions, Didier said the company recognizes the problems “are disruptive for residents” and that “our teams and qualified vendors are actively addressing maintenance and service items.”¹³ On unpaid water bills, he said Vesta was “in contact with the relevant utility providers” and did “not anticipate any interruption to resident services.”⁶ At the Stillwater council hearing, Vesta’s attorney, Page Walters, told officials, “We are as frustrated by this situation as the city is.” A company spokesperson called the trash problems at Drexel Flats a “temporary service gap” caused by a provider transition.¹¹

As of June 2026, no state or federal authorities have publicly announced an investigation or enforcement action against Kulick or Vesta. The Loeffler fraud case, the Fannie Mae foreclosures, and the contractor and lender suits all remain pending.

1
KJRH. Fannie Mae Initiates Foreclosure on 8 Vesta Properties
2
Oklahoma Watch. A Rats Nest of Fraud and Deceit: New Lawsuit Adds to Vesta Realty CEOs Legal Troubles
3
Kansas Courts. Case Detail – JO-2026-CV-000792
4
KJRH. Lawsuit Filed: Vesta Realtys Business Partner Sues, Claims Fraud
5
KJRH. Mounting Trash, Mounting Legal Problems: 8 New Lawsuits Against Tulsa-Based Vesta Realty
6
Tulsa Flyer. Tulsa Tenants Left in Limbo, Water Bills Unpaid
7
PACER Monitor. Vesta Realty LLC et al v. Somerset Best Living LLC et al
8
The Real Deal. Marc Realty and Vesta Capital Sue Each Other
9
KFOR. Judge Decides to Remove Vesta Realty as the Property Management Company for SW OKC Apartment Complex
10
Oklahoma Watch. Tenant Problems Pile Up at Tulsa-Based Vesta Realty
11
KFOR. Tenants Complain of Trash Troubles as Allegations Against Vesta Realty Grow
12
The Stillwegian. Stillwater Declares Remington Ranch Apartments a Public Nuisance, Authorizes Legal Action
13
KJRH. Hundreds Without Hot Water: Stillwater Takes Vesta to Court