The US Securities and Exchange Commission has charged Ernest Ossei Boateng and two New Jersey-based companies he controls regarding an alleged 16 million dollar Ponzi scheme that targeted over 200 inexperienced investors between January 2020 and March 2026.
Allegations of Fraud and Misappropriation of Funds
According to the SEC complaint, Ernest Ossei Boateng operated through Intercontinental Wealth Network LLC and I Wealth Network LP to offer and sell interests in an investment fund. The scheme primarily targeted Christians of Ghanaian heritage in New York and New Jersey, many of whom had no prior investment experience.
Investors were told that their money would be placed in low-risk strategies capable of delivering guaranteed fixed returns. Instead of managing the capital as represented, Boateng allegedly diverted more than 5.8 million dollars toward personal expenses, including buying, renovating, and furnishing his residence.
In addition, approximately 6.6 million dollars was used to make Ponzi-like payouts to earlier participants. The remaining funds that were actually invested were placed into high-risk, speculative day trading rather than conservative products, leading to trading losses of over 750,000 dollars.
Targeted Groups and Legal Remedies Sought
The enforcement action highlights that the targeted individuals included retirees, students, home healthcare workers, taxi drivers, an ailing widow, two churches, and a prayer group. To build trust, the defendants falsely assured victims that their funds were protected by financial investment insurance.
The complaint was filed in the US District Court for the Eastern District of New York. It charges Boateng and both corporate entities with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, while also charging Boateng and Intercontinental Wealth Network LLC under the Investment Advisers Act of 1940.
The SEC seeks permanent injunctive relief, conduct-based injunctions against Boateng and Intercontinental, civil monetary penalties, and the disgorgement of ill-gotten gains alongside pre-judgment interest.
