SEC Charges Ernest Boateng and Firms in Alleged $16 Million Ponzi Scheme
SEC alleges Ernest Ossei Boateng and two New Jersey firms raised $16 million from over 200 investors in an alleged Ponzi scheme between 2020 and March 2026.
Summary
The SEC charged Ernest Ossei Boateng, Intercontinental Wealth Network LLC and I Wealth Network LP on September 10, 2026, alleging they raised approximately $16 million from more than 200 inexperienced investors from at least January 2020 through March 2026. Boateng allegedly solicited, recommended and sold fund interests promising guaranteed fixed returns and low risk, primarily targeting Christians of Ghanaian heritage in New York and New Jersey.
The complaint alleges Boateng diverted more than $5.8 million to personal expenses, including buying, renovating and furnishing his home, and used approximately $6.6 million for Ponzi-like payments to earlier investors. Money that was invested allegedly funded high-risk speculative day-trading rather than the promised strategy, producing more than $750,000 in losses.
Filed as SEC v. Ernest Ossei Boateng, et al., No. 26-cv-5605 in the Eastern District of New York, the complaint charges all defendants under Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5. Boateng and Intercontinental also face Investment Advisers Act Sections 206(1), 206(2) and 206(4), and Rule 206(4)-8 claims. The SEC seeks permanent injunctions, disgorgement with pre-judgment interest, civil penalties and conduct-based injunctions against Boateng and Intercontinental. Elizabeth Butler, Elizabeth Rosen and Melissa Coppola investigated under Alison Conn and Thomas P. Smith Jr.; Todd Brody will litigate under Jack Kaufman. Litigation Release No. 26639 was published September 14, 2026.
Positives
- The September 10 complaint seeks disgorgement, pre-judgment interest and civil penalties from all three defendants.
- Permanent injunctions are sought against every defendant, with additional conduct-based restrictions requested for Boateng and Intercontinental.
- The complaint identifies alleged uses for $12.4 million, including $5.8 million in personal spending and $6.6 million in earlier-investor payments.
- Todd Brody will lead the litigation under Jack Kaufman following an investigation by three SEC New York Regional Office officials.
Risks & concerns
- Approximately $16 million was allegedly raised from more than 200 inexperienced investors between January 2020 and March 2026.
- More than $5.8 million allegedly funded Boateng’s personal expenses, including purchasing, renovating and furnishing his home.
- Approximately $6.6 million allegedly financed Ponzi-like payments to earlier investors rather than the promised investment strategy.
- High-risk speculative day-trading allegedly caused more than $750,000 in losses despite promises of fixed returns and low risk.
- Christians of Ghanaian heritage in New York and New Jersey, many without prior investing experience, were the primary alleged targets.