SEC Charges Ernest Ossei Boateng in Ponzi Scheme
The Securities and Exchange Commission (SEC) has charged Ernest Ossei Boateng and his companies, Intercontinental Wealth Network LLC and I Wealth Network LP, with operating a Ponzi scheme that raised approximately $16 million from over 200 inexperienced investors. The scheme primarily targeted the Ghanaian Christian community in New York and New Jersey.
Details of the Allegations
From January 2020 to March 2026, Boateng falsely promised guaranteed returns from a low-risk investment fund while misappropriating over $5.8 million for personal expenses and using $6.6 million to pay earlier investors. Instead of following his stated investment strategy, Boateng engaged in high-risk day trading, resulting in significant losses.
“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.
Boateng assured investors that their investments were safe and without risk, claiming their money was protected by so-called ‘financial, investment insurance’. This assurance is described as a major red flag in such scams.
Legal Actions and Consequences
The SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, charges Boateng, Intercontinental, and I Wealth with violating the antifraud provisions of the Securities Act of 1933 and Securities Exchange Act of 1934. Additionally, Boateng and Intercontinental are charged with violating the antifraud provisions of the Investment Advisers Act of 1940.
The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains with pre-judgment interest, and civil penalties against all defendants, as well as conduct-based injunctions against Boateng and Intercontinental.
