Oklahoma Department of Securities Sues Vesta Realty for Failing to Hand Over Subpoenaed Documents

Another lawsuit has been filed against Vesta Realty and its CEO, Marc Kulick.

The Oklahoma Department of Securities is suing Vesta, alleging the company failed to provide internal documents the department subpoenaed.

At least 28 lawsuits have been filed in 2026 against Kulick, his company or a property he controlled. The allegations range from failing to pay contract workers for repairs to deliberately deceiving investors.

The Securities Lawsuit

The securities lawsuit, filed on August 24, alleges that Vesta failed to provide subpoenaed documents, including identification and communications with any investors involved in a portion of the limited liability companies under the Vesta umbrella.

Kulick confirmed that he is aware of the lawsuit.

“We are in the process of engaging an attorney and look forward to getting this matter resolved,” he said in a text to Oklahoma Watch.

Shaun Mullins, a trial attorney with the Oklahoma Department of Securities, reiterated that the department did not receive the subpoenaed documents.

“We’ve requested from the district court an order of the court requiring a production of those records,” Mullins said.

The department’s lawsuit is a civil case, but Mullins said the department’s statute allows them to make criminal referrals and share investigative information with agencies that would carry out criminal enforcement.

“I cannot comment on whether or not either of those have occurred,” Mullins said.

Previous Lawsuits

Kulick is also being sued by his business partner, Josef Loeffler, who alleges that Kulick used the business as a personal piggy bank and diverted funds to finance his lifestyle.

“For years, Kulick successfully concealed his misconduct by moving cash from entity to entity in a practice akin to check kiting, by ignoring required accounting practices and controls, and by meeting investor information requests (including many by Loeffler) with blandishments, bluster and bullying,” the lawsuit reads. “One disaffected investor described Kulick’s management as ‘A rat’s nest of fraud and deceit.’”

Oklahoma Watch found that Vesta employees confirmed accounts described in Loeffler’s lawsuit. All described Vesta Realty as cult-like, describing how inner-circle loyalty was rewarded and how those who questioned company practices were ostracized.

Hannah Remick, a former Vesta employee who was fired and evicted by Kulick, said it didn’t feel like some Vesta executives cared about the tenants, but that Kulick did try to personally solve problems brought to his attention. However, she said the problems rarely got to him.

“With executives it was just spreadsheets,” Remick, who now advocates for tenants’ rights, said. “They (the tenants) were numbers on a spreadsheet. It wasn’t really thought of or spoken about in reference to worries about their living conditions.”

That is exemplified in the city of Stillwater’s lawsuit against the company. The city found Remington Ranch uninhabitable and declared it a public nuisance. Tenants rallied at city council meetings and told officials and the media that their problems ranged from a lack of hot water in the winter to rat infestations. Despite attempts, tenants did not get answers from the company.

That case has frozen as competing bankruptcy proceedings between Vesta and YSA Investments 1 take center stage.

Not all unpaid contractors took the matter to court. Noah Miliken, a contractor who did work for Vesta, told Oklahoma Watch that the company owes him $103,194. He said he’s not sure if taking it to court is worth the time and money.

As the lawsuits move forward, tenants still live at the properties and receive little support or direction on what to do next. As Oklahoma Watch reported, the continued fallout has left many confused and unsure which entity they should pay rent to.

“When things get messy, and housing is seen as an investment rather than a service, tenants can often get lost in the shuffle,” Katie Dilks, Oklahoma Access to Justice’s executive director, said.

Jake Ramsey covers evictions, housing and homelessness. Contact him at (405) 370-3798 or jramsey@oklahomawatch.org.

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