SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme

The Securities and Exchange Commission charged Ernest Ossei Boateng and two New Jersey companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, alleging they ran a Ponzi scheme that raised about $16 million from more than 200 investors between January 2020 and March 2026. The complaint says Boateng diverted roughly $5.8 million for personal use, used about $6.6 million to pay earlier investors, and incurred more than $750,000 in trading losses on speculative activity.

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SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme

Why It Matters

The case involves substantial alleged losses and, according to the SEC, focused on vulnerable and inexperienced investors including members of a specific immigrant faith community and small earners such as retirees, taxi drivers, and home health care providers. The agency is seeking permanent injunctions, disgorgement, and civil penalties, which could recover funds and deter similar schemes.

Key Facts

Date of SEC announcement: Sept. 10, 2026
Defendant: Ernest Ossei Boateng
Companies charged: Intercontinental Wealth Network LLC; I Wealth Network LP (both New Jersey-based)
Alleged amount raised: Approximately $16 million
Number of investors: More than 200

The Securities and Exchange Commission filed a complaint on Sept. 10, 2026, accusing Ernest Ossei Boateng and two New Jersey companies he controls of operating a Ponzi-like scheme that raised roughly $16 million from over 200 investors. The SEC alleges the scheme ran from at least January 2020 through at least March 2026 and was marketed as an investment fund offering guaranteed fixed returns and a low-risk strategy.

According to the complaint, Boateng and his firms primarily solicited investors from Christian communities of Ghanaian heritage in New York and New Jersey, many of whom the SEC describes as inexperienced investors. The agency says the defendants assured people their money was safe and sometimes represented that investments were protected by so-called "financial, investment insurance," statements the SEC flagged as a major warning sign.

The SEC's filing alleges Boateng misused investor funds in multiple ways. More than $5.8 million was reportedly spent on personal expenses, including purchase, renovation, and furnishing of his home, while about $6.6 million was used to make payments to earlier investors in a manner the complaint characterizes as Ponzi-like. To the limited extent money was placed into markets, the complaint alleges it was not in the low-risk, fixed-return investments promised but instead in high-risk, speculative day trading that produced more than $750,000 in losses.

The complaint, filed in the U.S. District Court for the Eastern District of New York, charges all three defendants with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. It also accuses Boateng and Intercontinental Wealth Network of breaching the antifraud provisions of the Investment Advisers Act of 1940. The SEC is asking the court for permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and conduct-based injunctions against Boateng and Intercontinental.