The U.S. Securities and Exchange Commission has charged Ernest Ossei Boateng and two New Jersey-based companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, over an alleged Ponzi scheme that raised roughly $16 million from more than 200 inexperienced investors.
The complaint, filed in the U.S. District Court for the Eastern District of New York, alleges Boateng operated the scheme from at least January 2020 until at least March 2026. Acting through the two companies, he allegedly solicited, recommended and sold interests in an investment fund, primarily targeting Christians of Ghanaian heritage in New York and New Jersey, many of whom had no prior investing experience.
According to the SEC, Boateng told investors their money would generate guaranteed fixed returns and that the fund would pursue a low-risk strategy. Instead, the regulator alleges, he misappropriated more than $5.8 million for personal expenses, including the purchase, renovation and furnishing of his home, and used approximately $6.6 million to make Ponzi-like payments to earlier investors.
To the limited extent money was invested, the complaint alleges Boateng did not place it in low-risk instruments with fixed returns, instead using investor funds for high-risk, speculative day trading that produced more than $750,000 in trading losses.
SEC points to 'investment insurance' pitch
"We allege that the defendants' investors included retirees, taxi drivers, home health care providers, students, an ailing widow with young children, and at least two churches and one prayer group," said Thomas P. Smith, Jr., Associate Director of the SEC's New York Regional Office. "The defendants' sales pitch to victims included assuring them that their investments were safe and without risk—telling many their money was protected by so-called 'financial, investment insurance.' That's as big of a red flag as we see in these types of scams."
Charges and relief sought
The complaint charges Boateng, Intercontinental and I Wealth with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, and charges Boateng and Intercontinental with violating the antifraud provisions of the Investment Advisers Act of 1940.
The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains with pre-judgment interest and civil penalties against all defendants, along with conduct-based injunctions against Boateng and Intercontinental.
The allegations have not been proven in court.
