RealT file · their words against the facts · updated 02/10/2026

Their words against the facts

97 public statements by Remy and Jean-Marc Jacobson or RealT, 2019 to 2026, grouped by theme. On the left, what they told investors (white paper, public community calls, e-mails, court affidavits); on the right, what land records, company registries, court documents and the press show. Claims by the City of Detroit and by newspapers are flagged as such and have not been ruled on.

2019 – 2024: the promised model January – February 2025: “it won’t affect you”Accounts, companies, transparency Taxes, mortgages, titles Detroit: renovations, certificates, court House sales Pre-construction, Panama, Colombia, Mexico Individual files: Jefferson, Marloes, Brewer Park, Saint-Louis RMM, factoring, financial products Chicago and the other markets Communication and the promises of 2026

2019 – 2024: the promised model · 8

May 2019

What they saidRealToken white paper: each series of the Delaware company “holds a single property”, the deed is recorded “in the name of the series”, and deeds, affidavits and operating agreements will be available to investors. source

What the records showWayne County records show 101 houses moved between RealT companies from July to October 2025. For 324 Piper, the deed to the series, dated 2022, was only recorded in February 2026. According to the Wall Street Journal (28 July 2026), 20 tokenised Ohio properties are not held in RealToken’s name in the registries. See the deed-by-deed history →

May 2019

What they saidWhite paper: the managing member “receives no management fee”, only 3% on resale; the property manager takes 5% of rents. source

What the records showAccording to contracts reviewed by the Wall Street Journal, RealToken takes 10% of funds raised, 2% of gross rents and 10% on sale. In 2025 the brothers’ management company (NDPM) charges 8% of rents; the “10% sales commission is part of the model” (13 Feb 2025). source ↗

8 Apr – Sept 2021

What they saidJean-Marc Jacobson: “the team no longer buys RealTokens” to avoid insider trading; in August he and Remy “divested” their tokens; publishing their personal wallets is considered. source

What the records showPurchases were re-authorised in May 2022. The code of conduct was never published, nor the wallets, and the announced windows vary (30 days in 2022, 15 in 2023, 30 in 2025). In October 2024 RealT confirms there is no rule at all for the REG token. source ↗

24 Aug 2023

What they saidJean-Marc Jacobson: access to sensitive information is “strictly limited” and “everyone receives the information at the same time”. source

What the records showIn July 2023 Remy Jacobson explains he did not disclose vacant houses because it “could influence the secondary market”. On 10 July 2025 RealT admits it did not publish the list of 80 damaged houses “to avoid a panic” on its market. On 18 September 2025 revaluations are “deliberately slowed down”. source ↗

14 Feb – 21 Mar 2024

What they saidRWA Holdings raise: 100,000 tokens at $50, i.e. $5M, on an implied RealT valuation of $80M; commitment to present the use of funds “within six months”. source

What the records showThe presentation is promised eight times (“by March 2025”, end of March, May, September, “within 30 days”, October, “over Christmas”) and never published. In December 2025 the Swiss holding changes fiduciary, address and director. RealToken Technologies Inc., its only asset, is revoked in Florida on 25 September 2026. See entry →

30 May 2024

What they saidPlaya Caracol pre-construction (Panama): funds are “deposited on the RMM” during construction, then will yield “more than 10% a year” once the units are delivered. source

What the records showIn January 2026 the RMM’s reserves fall to almost zero: depositors can no longer withdraw. On 16 February 2026 all distributions are suspended. On 14 September 2026 Jean-Marc Jacobson speaks of a “blocked RMM” and “personal funds advanced”, with no supporting document. source ↗

June 2024 – Aug 2025

What they saidLoan tokens (Buenaventura 10%, Maison Fendi $780,000 at 10.5%, Detroit loans, PH Empire $1.05M): “the property serves as collateral”; on 7 August 2025: “if the borrower does not repay, RealT has the structure to take the property back”. source

What the records showOn 16 February 2026 RealT announces that debt products will be “served separately once the system is adapted”. In June 2026 loan and factoring holders are still unpaid and no schedule exists. No repossession by RealT has ever been documented. source ↗

Jan 2026 (court affidavit)

What they saidJean-Marc Jacobson, under oath: NDPM, the brothers’ management company, was “accelerated from summer 2024” and “fully staffed by late 2024”. source

What the records showTo investors, on 3 July 2025: its director “was alone in December 2024”. Headcounts announced afterwards: 17 people on 30 January 2025, 21 in February, 28-30 in March, 40-45 in May. source ↗

January – February 2025: “it won’t affect you” · 10

15 Jan 2025

What they saidJean-Marc Jacobson’s 2024 review: “the aggressive strategy of deferring and negotiating taxes in Detroit has overall produced savings”; RealT “should now pay more regularly”. source

What the records showCounty records: 148 houses forfeited for unpaid taxes in March 2025, then 295 in March-April 2026 (4 redeemed). As of 28 September 2026, $6.29M in property taxes remain due and 372 properties face seizure in March 2027. On 2 July 2026 he admits being “behind on certain taxes”. See the deed-by-deed history →

15 Jan 2025

What they saidThe former manager’s problems “must remain handled by RealT and not directly affect investors”. The 8% management fee “should be enough”. source

What the records showOn 16 February 2026 RealT suspends all distributions on property tokens “to recapitalise”. On 3 June 2026 the special fiduciary asks for a receivership: unpaid invoice, mis-declared houses, insufficient insurance. See entry →

17 Jan 2025

What they saidRemy Jacobson, on the Detroit property-manager crisis: “It won’t affect you, we take the blame [...] out of our own pocket. Insurance will cover us, it will take 6-8 months.” source

What the records showNo insurance payout has ever been documented. On 16 April 2026 the brothers say they “advance” $92,000 to $100,000 of insurance a month. On 29 June 2026 contractor Terrabreeze records six liens for $390,911 unpaid. On 3 June 2026 the fiduciary reports insufficient insurance coverage. See the deed-by-deed history →

17 Jan 2025

What they saidProperty deeds (warranty deeds, quitclaim deeds) “must be published, the backlog is being cleared”. On 4 September 2025: titles will be published “when the structure is simple”. source

What the records showOn 10 July 2025 RealT admits distributing rents on houses it does not yet hold title to (Coastal Line Homes, “several times a year”). Brewer Park: 75-80% paid without title. Piper: deed to the series recorded 1,301 days after its date. WSJ: 20 Ohio properties without RealToken in the registry. source ↗

17 Jan 2025

What they saidTroester “settled within three months”; La Salle: closing “in 15 to 20 days”; a proposal on tenant departures “by mid-April”. source

What the records showOn 31 July 2025 Troester is “to be rented around October”; on 18 September La Salle and Troester “are taking time”; on 25 September a communication is promised “within 30 days”. Neither file is settled before the liquidation announcement of 2 July 2026. source ↗

16 Jan – 3 Apr 2025

What they said“A financial audit of RealT remains planned for 2025” (16 Jan); “a review or audit around September-October 2025” (27 Mar); “RealT’s financial statement in the coming days or weeks” (3 Apr). source

What the records showNo audit or financial statement was ever published. On 29 May 2025 an audit per company is “not economically viable”; on 16 October RealT is “a private company”; on 16 June 2026 the accounts “will be provided at the time of the sales”. source ↗

6 Feb 2025

What they saidRealT announces it will close the accounts of investors deemed “continually critical” and buy back their tokens. On 13 and 20 February, correction: RealT “cannot confiscate”. source

What the records showOn 8 January 2026: deletions, bans and “legal action in case of organised defamation”. On 2 July 2026 Jean-Marc Jacobson blames the fiduciary’s turnaround on a contact from UPMP; the official groups are set to read-only that same evening. source ↗

6 Feb – 29 May 2025

What they saidRenovation of the damaged houses completed “in 5 to 6 months” (6 Feb); “about a year” (13 Mar); “most by the third quarter of 2025” (27 Mar); “back in order around January-March 2026” (29 May). source

What the records showOn 16 June 2026: 45-46 certificates of compliance obtained in total, and “almost half of the houses with a certificate are squatted or unpaid”. On 2 July 2026 the un-renovated houses are to be sold by the fiduciary, “in bad conditions”. source ↗

13 Feb – 24 Jul 2025

What they said“Selling properties is no longer the priority: renovate first” (13 Feb). “RealT’s intention remains to hold real estate for the long term” (24 Jul). source

What the records showOn 28 January 2026, four-phase sale mandates; on 16 February, sale votes announced in every city; on 16 June, “sell the portfolio”; on 2 July 2026, voluntary liquidation of all assets. source ↗

6 Feb 2025

What they saidAsked what would happen without the two brothers, RealT answers that “the properties are held by independent companies”. On 4 December 2025 the brothers ask the court to dismiss them personally: the properties are “held by separate entities”. source

What the records showOn 16 June 2026 Jean-Marc Jacobson admits there is “no bank account per property”. According to the city (amended complaint, Sept 2026, not ruled on), the companies shared a pooled account and were run centrally. RealToken Inc., the managing company, has been revoked in Michigan since July 2022. See entry →

Accounts, companies, transparency · 10

6 Mar – 5 Jun 2025

What they said“Simplified accounts per series in 2025, someone will be hired” (6 Mar); “among the main priorities” (29 May); “still on the agenda” (5 Jun). source

What the records showOn 18 November 2025 the compliance officer is “not comfortable” with selected figures: the project is replaced by “operational reporting”. As of 16 June 2026 and 2 October 2026, no simplified account has been published. source ↗

6 Mar – 17 Jul 2025

What they saidEach series is “fiscally and legally independent”; a vote “in 2025” will convert the Inc. companies into LLCs; on 17 July, “a solution has been found for 286 of 400 entities”. source

What the records showNo vote was ever held. RealToken Inc., the managing company, has been revoked in Michigan since 15 July 2022; RealToken International is not registered there. In 2026 all four Illinois companies are revoked and two Florida companies struck off. See entry →

3 Jul 2025

What they saidDay after the lawsuit: “the properties are held by US companies with Remy or me as directors, we are not hiding”; “RealT is not a cryptocurrency company”. source

What the records showOn 4 December 2025 the brothers plead lack of personal jurisdiction: the properties are “held by separate entities”. Wired (17 March 2026): Piper’s buyer, East Coast Servicing LLC, is registered at RealT’s address and its documents are signed by Remy Jacobson. The city pleads “alter ego” (10 Sept 2026, not ruled on). See entry →

29 May 2025

What they saidOn houses resold the same day to another RealT company at a higher price: “common structures”, “renovation credit”, “no hidden 20% margin”. source

What the records show324 Piper: bought by Michigan RealToken IV LLC (deed at $0), then transferred to RealToken International 324 Piper Inc. for $102,500, the total token price. According to the Wall Street Journal, the contracts give RealToken 10% of every raise. source ↗

2022 → Oct 2025

What they saidCadieux Apartments (Detroit): building offered to investors at a displayed cost of $730,000; more than $830,000 raised in tokens. source

What the records showAccording to the 24-009122-CH court records cited by Outlier Media (7 Oct 2025), RealT bought the owning company for $620,000. The building racks up nearly 200 violations; RealT settles with the city in 2025: four payments of $17,500 and repairs within six months. See entry →

12 Jun 2025

What they saidTracing rent from the tenant to the investor’s wallet is refused: it “would require a disproportionate administrative team” and “expose internal processes”. source

What the records showWall Street Journal (28 July 2026): in Cleveland, eight vacant houses kept paying “rent” to investors; a declaration signed by Remy Jacobson describes a property with no income for all of 2024, whose tokens returned 10 to 15%. The origin of the money could not be established. source ↗

18 Nov 2025

What they saidWhen a raise is incomplete, “the missing funds are advanced by RealT, Remy, Jean-Marc, a partner or a lender”, then repaid from token sales. “No single process.” source

What the records showOn 16 June 2026: “no bank account per property”. On 2 July 2026, lawyers and the fiduciary are “advanced by Remy and me”. No statement of these advances and repayments has been published; the city alleges commingled flows (amended complaint, not ruled on). See entry →

27 Feb 2025

What they saidCleanSat Mining (CSM) is “in difficulty”, but the impact on RWA Holdings SA is “limited”. source

What the records showMichaël Courvoisier, director of RWA Holdings SA with individual signing authority since 22 March 2024, also sits on the boards of seven CleanSat Mining companies (SA, Alpha, Omega, Beta, Gamma, Beta Prime, Delta), with the same fiduciary and the same deed template. No figure for RWA Holdings’ exposure to CSM has ever been published; all seven companies are still registered as of 2 October 2026. See entry →

30 Dec 2025

What they saidRWA Holdings SA “is changing fiduciary, address and director”: Michaël Courvoisier, “appointed for speed and convenience”, is replaced by “professionals whose job it is”; the seat moves “from Neuchâtel to Geneva”. source

What the records showAs of 2 October 2026, nine months later, the Swiss register shows none of these changes: seat still in Neuchâtel (a coworking space since 23 February 2026), directors unchanged since 22 March 2024 (Jean-Marc Jacobson chairman, Remy Jacobson, Michaël Courvoisier), each with individual signing authority, same fiduciary. On 6 November 2025 the registry had summoned the company, which it deems to be “no longer active” and to “have no realisable assets”; no “professional whose job it is” has been registered. See entry →

Feb 2025 → Dec 2025

What they saidRWA Holdings ($5M raised, 6.25% of RealToken Technologies Inc.): a “special call” is promised in February, a “general meeting” in September, “an audit” on 25 September, a “list by department” in October. source

What the records showNothing was ever presented. RWA Holdings SA receives two summonses from the Swiss registry in late 2025. RealToken Technologies Inc. is revoked in Florida on 25 September 2026. See entry →

Taxes, mortgages, titles · 8

24 Apr 2025

What they saidJean-Marc Jacobson, answering UPMP: “RealT does not raise debt on these properties”; mortgages on record would be old sellers’ loans: “those ‘mortgages,’ quote-unquote, are usually there just for a day or two, a week, a month”, repaid “with no interest”. source

What the records showWayne County records show three mortgages signed by RealT companies themselves: $458,500 (Michigan RealToken III, 2021, secured on at least 9 tokenised houses), $1,521,000 (Michigan RealToken V, 2022) and $1,400,000 (Michigan RealToken VIII, 2023). Outlier Media (28 August 2025) counts five mortgages, $4.8M on 33 houses, and a single discharge since April 2024 ($25,200). See the deed-by-deed history →

24 Apr 2025

What they saidTax forfeitures “do not mean a final taking”; “the properties concerned are under a payment plan or back to normal”. source

What the records showTrue for 2024: 142 of the 145 forfeited houses were redeemed. But in 2025 only 54 of 148; in 2026, 4 of 295. As of 28 September 2026, $6.29M in property taxes remain unpaid and 372 properties face county foreclosure. See the deed-by-deed history →

24 Apr 2025

What they said“RealT regularly contests taxes to improve yields”; paying everything without contesting “would lower the yields”. Tax irregularities are blamed on the former managers. source

What the records show324 Piper, the house sold in June 2025, itself carries two forfeiture certificates (2024 and March 2025), redeemed only in August and September 2025. The city also claims $2.5M in unpaid water and sewerage (amended complaint, 10 Sept 2026, not ruled on). source ↗

15 May 2025

What they saidJean-Marc Jacobson, against Outlier Media: “no property has been lost”; higher charges are “current taxes”, not catch-up payments. source

What the records showNo house had been seized at that date. But 148 houses were forfeited in March 2025, then 295 in March-April 2026: without redemption, the county can seize them in March 2027. See the deed-by-deed history →

12 Jun 2025

What they saidJean-Marc Jacobson refuses to give figures, but says “all overdue taxes are under a payment plan” and violations “are falling fast”. source

What the records showThree weeks later the City of Detroit sues the RealT companies and both brothers over hundreds of violations and missing certificates of compliance on more than 400 houses. See entry →

3 Jul 2025

What they said“Taxes are under control: no property is to be seized or auctioned.” source

What the records showIn March-April 2026, 295 houses are forfeited for taxes; 4 are redeemed. On 2 July 2026 Jean-Marc Jacobson admits being behind on “certain taxes” and says Colliers International has been hired: “a first round won, not enough”. See the deed-by-deed history →

21 Aug 2025

What they said“More than 170 tax redemption certificates obtained since January 2025”; RealT disputes rumours of lost houses. On 28 August, Remy Jacobson: mortgages “are systematically discharged”. source

What the records showThe register confirms 177 redemptions in 2025, 155 of them in August. But they cover only 54 of the 148 houses forfeited that year, and no mass redemption happens in 2026 (4 of 295). The three 2021-2023 mortgages are still on record. See the deed-by-deed history →

7 Oct 2025 – 16 Apr 2026

What they saidWater bills of “several hundred thousand dollars”, caused by sabotage and firefighters, “to be checked and negotiated”; in April 2026 a $100,000 bill on a vacant house is “obviously abnormal”. source

What the records showOn 10 September 2026 the city claims about $2.5M in unpaid water and sewerage, excluding penalties and interest (claim not ruled on). On 30 September the fiduciary states that RealToken “has not shown its solvency”. See entry →

Detroit: renovations, certificates, court · 21

Mar – May 2025

What they saidThe new management company NDPM has 28-30 staff, “about fifty by June”, “six renovation crews from Monday” (22 May), a “stabilised team by September 2025”. source

What the records showIn April 2026 Jean-Marc Jacobson says the team has been cut “to fewer than ten people”. On 2 July 2026 the “massive investment” in NDPM has “become useless”. source ↗

13 Mar 2025

What they saidGoal: “return to a daily distribution” of rents, “even block by block”. source

What the records showOn 24 July 2025 distributions are suspended on Detroit; on 16 February 2026 on every property token. As of 2 October 2026 no catch-up rule has been published. source ↗

25 Mar – 29 May 2025

What they said10410 Cadieux (fire): “renovated by September at best, end of 2025 at the latest”; budgets and insurance amounts “to be communicated when available”; $27,000 a month paid by the brothers. source

What the records showNo insurance amount was ever communicated. On 16 June 2026 the fire at 1815 S Avers (Chicago) is “handled without communicating”. The Cadieux buildings remain to be renovated as of 2 July 2026. See entry →

27 Mar 2025

What they saidJean-Marc Jacobson, on how the works are funded: “Neither [the 8% nor the reserves]. On the affected properties it is paid by me, as I have said several times since January.” source

What the records showOn 17 July 2025 the maintenance reserves are “some of them empty”. On 16 February 2026 every investor’s rent is withheld “to recapitalise”. Terrabreeze records $390,911 in liens for unpaid works (29 June 2026). See the deed-by-deed history →

12 Jun 2025

What they said“No tenant lawsuits ongoing to my knowledge”; NDPM “talks with occupants, offers to catch up arrears gradually”. source

What the records showOn 16 April 2026: “more than 600 evictions launched in waves”. On 16 June 2026 payment plans “very rarely worked out”. On 30 September 2026 the judge orders a tenant to leave a RealToken home found uninhabitable. See entry →

26 Jun 2025

What they saidJean-Marc Jacobson: “the portfolio size is not unmanageable”, the brothers “managed up to 18,000 units in Canada”. source

What the records showOne year later, on 2 July 2026, he announces the voluntary liquidation of all assets. The court-appointed fiduciary speaks of “RealToken’s full exit from Detroit”. See entry →

3 Jul 2025

What they saidDay after the lawsuit: “RealT and the city want the same thing”; “surprised” by the action, the relationship with the city was “constructive”; 437 violations closed since January. On 24 July: the rent-freeze order is “limited to 14 days”. source

What the records showThe rent freeze was extended on 23 September 2025 and remains in force in 2026. The city then asks for a receiver (January 2026), then for both brothers’ personal liability (September 2026). See entry →

3 – 17 Jul 2025

What they saidA photo file and the list of violations will be published “after the lawyers’ review” (3 Jul), “mid next week” (10 Jul), “next Tuesday” (17 Jul); then “three renovated houses a week” on X (4 Sept). source

What the records showOn 30 October 2025 the posts are taken down: they served as a “shopping list” for squatters. On 6 November: 33 houses squatted, 4 renovated houses squatted in three weeks. On 18 December addresses are no longer announced. source ↗

Jul – Aug 2025

What they saidThe brothers “keep covering rents and costs of the affected properties from their own funds”. Jean-Marc Jacobson fears this will be portrayed as “favouring investors”. source

What the records showIn January 2026, per Outlier Media, the city tells the court RealT diverted about $125,000 in rent to an account outside the court-ordered circuit (allegation not ruled on). Between July and October 2025, 101 houses are transferred between RealT companies. See entry →

7 Aug 2025

What they said“440 to 450 violations predate RealT and must be contested”; many houses “were historically rented without a certificate”, the reserves set aside to obtain them were not followed up. source

What the records showAccording to the city, more than 400 houses have no certificate of compliance when the lawsuit is filed (July 2025). As of 2 October 2026 the community tally counts 70, out of about 420 properties concerned. source ↗

14 Aug – 7 Oct 2025

What they saidRemy Jacobson: “every RealT property in Detroit will get a certificate once the work is done”; Jean-Marc Jacobson aims for “20 to 30 certificates” for the 28 October hearing. source

What the records show32 certificates on 6 November, 35 on 18 November (“none of these houses is rented”), 42 on 11 December, 45-46 in January 2026, 70 as of 2 October 2026 — about one house in six. source ↗

4 Sept – 6 Nov 2025

What they said“Certificates of compliance will be put online on the property pages as they come” (instruction given); a “Detroit information page” is “essentially built”. source

What the records showNeither the certificates nor the page were ever published by RealT. The certificate tally is kept by the community from the City of Detroit’s data. source ↗

21 Aug – 4 Dec 2025

What they said10435-10445 Cadieux: a “three-month” job, “ready by end of 2025” (21 Aug); “end of December” (18 Sept); a $300,000 job (4 Sept); “new contractor, pricier but faster” (4 Dec). source

What the records showOn 29 June 2026 Terrabreeze Construction records six liens for $390,911 in unpaid invoices against RealT companies. On 2 July 2026 the un-renovated buildings are to be sold by the fiduciary. See the deed-by-deed history →

16 Oct – 30 Oct 2025

What they said“RealT is not at risk of disappearing; the risk is on NDPM” (16 Oct). “RealT collected more in three weeks before the freeze than the city in three months” (30 Oct). source

What the records showOn 16 April 2026 collection is “very low in January 2026”. On 2 July 2026, voluntary liquidation. On 30 September 2026 RealToken is not represented in court and “has not shown its solvency” according to the fiduciary. See entry →

7 Oct 2025 – 2 Jul 2026

What they saidCity escrow account: “$86,000 in two months” (7 Oct), “more than $100,000 to $120,000” (16 Oct), “about $650,000 at 31 March” (16 Apr), “$700,000 to $750,000” with the fiduciary (2 Jul). source

What the records showOn 6 January 2026 the city complains of a “parallel” Bank of America account without full accounting and withdrawals not targeted at emergencies (allegations not ruled on). As of 2 October 2026 RealT has published no report on the use of these funds. See entry →

27 Nov 2025

What they saidLetters sent to “several hundred tenants”: 30 days to pay, then evictions. “Once the certificate is obtained, a house’s rent goes to its investors and no longer funds other properties.” source

What the records showOn 16 February 2026 every house’s rent is withheld “to recapitalise the portfolio”. On 16 April 2026 RealT proposes to use the rents of stabilised houses until 31 October to renovate other Detroit houses. source ↗

4 – 11 Dec 2025

What they said“The relationship with the city is improving day by day”; before the judge, “a united front”; “the support for NDPM was noticed by the city and the judge”. source

What the records showOn 6 January 2026 the city asks for a receiver. On 20 January the community calls are suspended by the lawyers. On 10 September 2026 the city again asks for a receivership over all properties and $2.5M in water bills. See entry →

16 Apr 2026

What they saidThe special fiduciary is “a compromise that avoids a receivership”, “funded half by RealT and half by the city”; insurance costs $92,000 to $100,000 per month. source

What the records showThe agreement approved on 22 April 2026 provides that if the escrow account (under $640,000) runs dry, Remy and Jean-Marc Jacobson must put in funds, failing which the city may seek seizure of the properties; target of 210 compliant houses by October 2027 and about fifty demolitions (Outlier Media, 29 Apr 2026). On 3 June 2026 the fiduciary himself asks for a receivership: $33,322.50 of his first invoice unpaid, mis-declared houses, insufficient insurance. On 18 June his firm records liens against both brothers. His report to the court is due end of October 2026. See entry →

1 Apr 2026

What they saidLetter from the Taft law firm attached to the investor e-mail: “no bankruptcy threat for RealT”, “no receivership on the table”. The previous months’ silence is justified by the litigation. source

What the records showOn 3 June 2026 the special fiduciary asks for a receivership; on 10 June the court docket reads “motion granted”. On 2 July, voluntary liquidation. On 10 September the city again asks for a receiver over all properties. See entry →

2 Jul 2026

What they saidJean-Marc Jacobson: the receivership motion “has been withdrawn”; voluntary liquidation “at the LLC level”, keeping assets separate; contesting would cost “hundreds of thousands of dollars”. source

What the records showThe court docket shows “motion granted” on 10 June 2026. On 16 July Outlier Media reports that the fiduciary disputes this account and that no liquidation filing has been made. On 30 September RealToken has no lawyer; only the two brothers are represented. See entry →

2 Jul 2026

What they saidThe fiduciary bills “more than $178,000 in two months” and “now wants to be paid from the assets”; he allegedly changed stance after a call attributed to UPMP or its circle. source

What the records showHis receivership motion (3 June 2026) predates that call and cites an invoice unpaid by RealT, mis-declared houses and insufficient insurance. On 16 July he publicly disputes the account of his motives (Outlier Media). See entry →

House sales · 6

11 Jun – 31 Jul 2025

What they said324 Piper: firm offer of $180,000, “+75.61% gross”, vote accepted; closing “by 16 July at the latest”; “closed yesterday” (31 Jul), distribution “within ten days”. source

What the records showRegistry: deed to East Coast Servicing LLC dated 30 July 2025 for $0, recorded 15 September. Wired: that company is registered at RealT’s address and its documents signed by Remy Jacobson (“just a vehicle”). E-mail of 12 February 2026: the house “was ultimately not sold”. No investor was ever paid. source ↗

3 Jul – 31 Jul 2025

What they said13991 Warwick (bought for $51,000 in 2020): firm offer of $125,000, “more than 100% including income”, vote accepted on 10 July; sale planned “around 15 August”. source

What the records showNo confirmation of closing, token retirement or payment was ever given. On 30 October 2025: “too long”. On 4 December: “end of December or January”. A certificate of compliance is issued on 6 August 2026 — so the house is still not sold. source ↗

19 Jun – 30 Oct 2025

What they said“From now on, full and final offers before any vote” (19 Jun); “the next sales will have fixed dates and faster processes” (30 Oct). source

What the records showOn 16 June 2026 votes are deemed “too slow” and RealT seeks a sale mandate without a vote per offer. On 2 July the fiduciary will sell “without a floor price”. In September 2026 a Deerfield Beach house is reported sold with no accounting and no payout. source ↗

22 Apr – 18 Dec 2025

What they saidDetroit gained “19% in 2024”; sales considered “late 2025 or early 2026” to take profits; renovated houses with a certificate are revalued “between $80,000 and $150,000”. source

What the records showOn 2 July 2026 the un-renovated houses are worth “much less” and about $1M of them must be sold by the fiduciary “in bad conditions”. 1815 S Avers (Chicago) is resold 58% below its purchase price in August 2026. See entry →

31 Jul – 30 Oct 2025

What they saidA “package of 5 to 10 houses” will be put up for sale; a programme letting tenants become owners is “prepared for about fifty houses” and will be put to a vote. source

What the records showNone of these votes ever took place. The only documented sale in 2026 is 1815 S Avers (Chicago), $115,000 in August 2026, of which investors were not informed and which is followed by a foreclosure notice. See entry →

16 Jun 2026

What they said1389 Bird “is not in foreclosure”; the 1815 S Avers fire is “insured” and was “handled with insurers without communicating”; a “joint communication” is being prepared. source

What the records show1815 S Avers is sold for $115,000 on 14 August 2026 (bought for $275,000) and hit with a foreclosure notice on 14 September 2026. No joint communication was ever sent. See entry →

Pre-construction, Panama, Colombia, Mexico · 9

6 Feb – 3 Apr 2025

What they said“Pre-construction funds are deposited on the RMM every week, effective immediately”; “placed from the start” (3 Apr); depositing the funds “must earn a yield during construction”. source

What the records showOn 11 and 12 September 2025 RealT withdraws from the RMM $64,500 (Mayab F303), $142,000 (Le Prestige 501), $62,826 (Playa Caracol), $308,207 (Pinoalto). In January 2026 the RMM is empty. In March 2026 investors still do not know which instalments were paid. source ↗

6 Feb – 18 Dec 2025

What they saidPinoalto (Panama): delivery “January 2026” (6 Feb); “maximum 60-day delay” (19 Jun); “first building in April” (30 Oct); “between the first week of January and the first week of February 2026, be ready for closing” (18 Dec). source

What the records showNo delivery or closing has ever been documented. On 14 September 2026 Jean-Marc Jacobson mentions a “blocked RMM” and “personal funds advanced” for the pre-construction projects, with no supporting document. source ↗

29 Apr 2025

What they saidRemy Jacobson: “the Panama investments are doing well”; Villa Marina bought for $520,000 is worth $704,000; MOVA gained “8 to 9%”; a blog with the price lists is announced. source

What the records showOn 16 April 2026 the pre-construction projects are “a separate file”; on 2 July 2026 “their money is blocked on the RMM”. DeFi Labs, the brothers’ Panamanian company, appears on the official list of employers behind on social contributions (B/.14,643.83 as of 1 June 2026). See entry →

19 May – 12 Jun 2025

What they saidTaboga (Panama): vote wrapped up in four days “because the seller wants a quick answer”; purchase agreement signed “tomorrow”, closing “in 15 to 21 days”, rents “30 days later”. source

What the records show“No timeline” (17 Jul); land-registry problem (24 Jul); “no clear title, encroachment” (16 Sept); abandoned (7 Oct). No Taboga token was ever issued; investors are redirected to a new Vervana token deliverable “in 2028-2029”. source ↗

31 Jul – 25 Sept 2025

What they saidMayab Tulum (Mexico): “recognised developer, experienced in Tulum”; water and electricity “confirmed by e-mail with the developer, it is in the contract”; $64,500 withdrawn from the RMM for the F303 unit instalment. source

What the records showOn 8 January 2026 RealT announces that pre-construction projects will no longer be presented “with an identified address or developer”. On 14 September 2026 payments are attributed to “personal funds”, with no proof. No delivery documented. source ↗

10 – 16 Oct 2025

What they saidWhile Detroit rents are frozen, RealT sells new tokens: Vigo units 308, 1002 and 1207 in Medellín, five Chicago houses (Sept-Oct), Faith and Sorrel in Alabama, ten factoring tranches until 29 January 2026. source

What the records showOn 8 January 2026 the Vigo project is “cancelled” (refund promised in USDC). On 16 February 2026 all distributions are suspended. On 12 June 2026 RealT’s Illinois companies are revoked. See entry →

27 Feb 2025 – 8 Jan 2026

What they saidColombia: first property available “on 15 April 2025”; Le Prestige 501 delivered “in December 2025” then “March-April 2026”; on 8 January 2026: 15 floors out of 24, “on schedule”. source

What the records show$142,000 was withdrawn from the RMM in September 2025 for Le Prestige. No delivery or letting has ever been documented. As of 2 October 2026 there is no repayment schedule for the pre-construction projects. source ↗

17 Jan 2025 – 8 Jan 2026

What they saidMiddle East: “a first property by end of Q1 or early Q2 2025” (17 Jan); “mid-Q2” (27 Mar); “strong priority, announcement in the coming days” (4 Dec); “partners will join upcoming calls” (8 Jan 2026). source

What the records showNo Middle East property or partner was ever presented. On 16 June 2026 development is “temporarily halted”. source ↗

16 Oct – 30 Oct 2025

What they saidCanada: “a first real-estate debt deal as early as next week”; the intended asset was the founders’ former “Bitcoin embassy” in Montreal, dropped “for fear of a bad perception”. source

What the records showNever launched. In Quebec, court records show judgments and garnishments against the brothers and their companies (see the entries above). See the proceedings →

Individual files: Jefferson, Marloes, Brewer Park, Saint-Louis · 6

16 Jan – 31 Jul 2025

What they said581-587 Jefferson (January 2024 fire): insurance “accepted, 2-3 weeks” (16 Jan); “one week” (30 Jan); “mid next week” (6 Mar); “in July, I give a date because I am fairly certain” (22 May); “around today” (31 Jul). source

What the records showInvestors are finally “refunded” on 15 October 2025 in REUSD — a voucher usable only at RealT — at $50.90 per token. The amount paid by the insurer was never published. source ↗

17 Jan 2025

What they said1890 Marloes (Cleveland) is “done”: distribution “before end of January”, replacement property and a “gesture” for the investors who stayed. source

What the records showThe property, tokenised in February 2023, was never purchased (18-month dispute). The replacement is cancelled on 30 January; the funds are placed on the RMM (interest, not rent); on 8 May the token “will not come back”. The RMM becomes illiquid in January 2026. source ↗

10 – 17 Jul 2025

What they saidBrewer Park (affordable-housing programme): “RealT and investors are the economic beneficiaries”, 75 to 80% of the price paid “faster than the contract required”. source

What the records showOn 4 December 2025 RealT is “in dispute with the seller”, who does not provide documents, with “undisclosed elements”; the purchase option expires end of May 2026. No outcome has been communicated. source ↗

21 Aug – 4 Dec 2025

What they saidSaint-Louis (14 tokens launched in early 2024): property titles will be “corrected in the coming weeks”; “if not settled by end of January, a solution will be offered to investors”. source

What the records showNo solution was ever communicated. The file remains among the unanswered items after the liquidation announced on 2 July 2026. source ↗

10 – 16 Apr 2025

What they saidREUSD, the new “voucher” for cancelled deals, can be “bought back directly by RealT under the policy applied to other RealTokens”. source

What the records showDirect buyback was never implemented. Hoover, Jefferson and Vervana were “refunded” in this credit usable only on the platform of a company that announces its liquidation in July 2026. source ↗

22 May – 18 Nov 2025

What they saidHouses shown as “rented” on RealT but “for rent” on NDPM’s site: “the brothers pay the rent in the meantime”. Distribution errors before closing, “RealT takes them on”. source

What the records showWall Street Journal: in Ohio, 20 tokenised properties are not held in RealToken’s name in the registries, yet more than 2,700 wallets were receiving “income” from them in January 2026; the paper could not establish where the money came from. source ↗

RMM, factoring, financial products · 6

23 Jan – 24 Jul 2025

What they saidThe RMM (lending protocol) reaches “$10M in loans, a start”; on 24 July: “the RMM is independent from RealT”. source

What the records showIn September 2025 RealT draws on it to pay its developers. In January 2026 reserves fall to zero; depositors can no longer withdraw. On 16 June 2026 the RMM is “another major source of difficulties”. source ↗

1 May – 30 Oct 2025

What they saidFactoring at “10-14%”, “documents ready”, transparency promised on “names and invoices” (1 May); partners refuse (15 May); “scaling down” (26 Jun); “no default”, vote “end of January 2026” to roll over (30 Oct). source

What the records showTen more tranches are sold between October 2025 and 29 January 2026, one of them rated “D”. On 16 February 2026 factoring will be “served separately”; in June 2026 holders are unpaid; in September, private explanations “without documents”. source ↗

17 Jul – 4 Dec 2025

What they saidMaintenance reserves “some of them empty”: a solution will be presented “by August” (17 Jul), “in the next 2-3 calls” (25 Sept), via a “monthly deduction” (7 Oct), in “a blog post” (4 Dec). source

What the records showNo solution was ever presented. On 16 February 2026 every investor’s income is withheld, among other things “to build reserves”. source ↗

7 Aug 2025

What they saidProjects that stay in fundraising for a long time are “not an immediate problem”: payments to developers “are spread over time”. source

What the records showOne month later RealT withdraws $577,000 from the RMM for four developer instalments. On 18 November: “no single process” for incomplete raises, missing funds are advanced by the brothers or a lender. source ↗

9 Dec 2025 – 26 Jan 2026

What they saidNew token valuation (TVE) and new issuer buyback programme “from January 2026”; threshold rules published on 26 January. source

What the records showDetroit buybacks have been suspended since 24 July 2025; orders in “RealT must pay” status stay unpaid for months. Three weeks after the rules, on 16 February 2026, all distributions are suspended. source ↗

16 Jan – 4 Dec 2025

What they saidAnnounced products and tools: accumulating token “in Q1 2025” then “90% done, for 2026”; YAM v2 “in 2025”; new signing flow “in January”; simplified wallet “close”; white label “Q2 2026”; management software linked to the site “within 2026”. source

What the records showOn 16 June 2026 Jean-Marc Jacobson announces that “technology development is temporarily halted”. None of these products was ever delivered. source ↗

Chicago and the other markets · 6

15 Jan – 26 Jun 2025

What they said“No new Detroit”, “one house in fifty is acceptable”, RealT “will stop being greedy” (12 Jun); but “a portfolio will be offered tomorrow” (26 Jun) and purchases resume in Alabama (Sept-Oct). source

What the records showWhile Detroit rents are frozen (July 2025 – 2026), RealT keeps selling new tokens in Chicago, Alabama, Medellín and factoring, until 29 January 2026, eighteen days before suspending all distributions. source ↗

1 May – 25 Sept 2025

What they saidA special Chicago call is announced “within 15 to 21 days” (1 May), “within two weeks” (22 May), “when I go to Chicago” (17 Jul); a blog post “why we like this market” (25 Sept). source

What the records showNeither the call nor the blog ever happened. In 2026 all four RealT Illinois companies are revoked and 1815 S Avers is sold without investors being told. See entry →

16 Sept – 30 Oct 2025

What they saidChicago becomes “the main North American focus area”, a “golden cross”, “the major focus of 2026”; old Chicago mortgages “were repaid in 2024, no active debt”. source

What the records showOn 12 June 2026 three RealT Chicago companies are revoked in Illinois, then RealToken LLC (managed by Remy Jacobson) on 14 August. 1815 S Avers burns, is resold for $115,000 (bought for $275,000) and receives a foreclosure notice on 14 September 2026. See entry →

18 Sept 2025

What they said“Chicago’s problems are not comparable to Detroit: manager changed, sufficient reserves, works settled by December.” On 4 December: burned buildings or those under demolition orders will get a “strategy explained by end of January, beneficial to all”. source

What the records showThe strategy was never presented. 1418 W Marquette, 618 E 79th and 8003 S Ingleside: companies revoked on 12 June 2026. 1815 S Avers: fire, loss-making sale, foreclosure notice. See entry →

21 Aug – 7 Oct 2025

What they saidOhio: Toledo could be “put up for sale” then, after a manager change, “consolidated to grow again”; since January 2025 the oversight of managers in other cities “has been tightened, a few problems corrected”. source

What the records showWall Street Journal (28 July 2026): in Cleveland, eight vacant houses kept paying income; a former manager says he never received the renovation funds; RealToken sues him for $400,000 allegedly diverted (disputed); 20 properties are not in RealToken’s name. source ↗

16 Jan – 23 Oct 2025

What they saidFlorida: buying uninsurable houses is “rejected by the board”; revaluations are delayed because they are “too high compared with what could be sold”; new appraisals are ordered (Oct). source

What the records showIn September 2026 Florida houses (Deerfield Beach, Kissimmee) appear sold or for sale on Zillow, with no information, accounting or payout to investors. On 25 September 2026 both RealT Florida companies are struck off. See entry →

Communication and the promises of 2026 · 7

12 Jun – 30 Oct 2025

What they said“RealT will no longer publish long public roadmaps”; “my announcements of work in progress must not be read as firm promises”. source

What the records showBetween those two sentences, the same calls announce dates for Jefferson, Taboga, Pinoalto, Cadieux, Piper, Warwick, the simplified accounts, RWA Holdings, the Middle East and Canada. None was kept. source ↗

18 – 25 Sept 2025

What they saidA communication schedule per file is “a good idea, easy to set up”; “a communication within 30 days” is promised on Jefferson, Troester, La Salle, Vervana, Taboga, Saint-Louis, RWA, Piper, Warwick and Florida. source

What the records showOnly Jefferson (REUSD) and Taboga (dropped) are dealt with. Troester, La Salle, Saint-Louis, Warwick, RWA and Florida remain unanswered as of 2 October 2026. source ↗

7 Oct 2025

What they saidAn outside CEO will be appointed to professionalise management, “and not in four or five years”; the brothers would stay on the board. source

What the records showNo executive was ever appointed. On 16 June 2026 the team is “heavily reduced”; on 2 July 2026 “the operating model no longer has a reason to exist”. source ↗

30 Dec 2025 – 8 Jan 2026

What they said2026 will be the year of “rigour”: existing portfolio, technology, simpler documents; seven to ten houses with a certificate are re-let “at market level with good performance”. source

What the records showSix weeks later all distributions are suspended (16 Feb). Then: development halted (16 Jun), liquidation (2 Jul), groups closed, website offline (Sept). source ↗

20 Jan – 2 Jul 2026

What they saidCalls paused “until end of January or a settlement” (20 Jan); “return in stages” (16 Apr); “a French call next week” (16 Jun); “short, more frequent calls, file by file” (2 Jul). source

What the records showNo call has taken place since 2 July 2026. The official groups have been read-only since that evening; the realt.co website stayed offline from 1 to 10 September. source ↗

2 Jul 2026

What they said“A formal e-mail will follow in the coming days”, with a specialist for the paperwork, status reports by city and an update on the pre-construction projects. source

What the records showAs of 2 October 2026, no e-mail, no written plan, no timeline, no list of entities has been communicated. On 16 July the city states that no liquidation filing has been made. Florida houses are sold with no accounting. source ↗

Jul – Sept 2026

What they saidAfter the liquidation announcement, the official Telegram groups are set to read-only. The realt.co site goes offline for several days in September. On 14 September a message from Jean-Marc Jacobson claims the founders “advanced personal funds” for the pre-construction projects. source

What the records showNo document attests to these payments. On 30 September 2026 RealToken is not represented at the Detroit hearing; only the two brothers have a lawyer. On 1 October, DeFi Labs, their Panamanian company, appears on the official list of employers behind on social contributions. See entry →

Sources of the statements: public summaries of RealT community calls (2021 – 2026), RealT e-mails and articles, 2019 white paper, January 2026 court affidavit, as documented by the RToken community wiki. Facts: Wayne County Register of Deeds, company registries, docket 25-010288-CH, Wired (17 March 2026), Wall Street Journal (28 July 2026), Outlier Media.

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