The Securities and Exchange Commission has charged Ernest Ossei Boateng and two New Jersey companies he controls with operating an alleged $16 million Ponzi scheme that drew money from more than 200 investors, including retirees, taxi drivers, home health care providers, students, and at least two churches.
What happened
The SEC’s complaint, filed September 10, 2026, in the U.S. District Court for the Eastern District of New York, accuses Boateng of raising approximately $16 million through Intercontinental Wealth Network LLC and I Wealth Network LP between January 2020 and March 2026. Investors purchased interests in a purported investment fund that Boateng marketed as a professional vehicle. The case is docketed as SEC v. Ernest Ossei Boateng, et al., No. 26-cv-5605.
Many victims had never invested before. The complaint states that Boateng primarily targeted Christians of Ghanaian heritage in New York and New Jersey, a recruitment pattern known as affinity fraud. Trust within a community replaced the verification that any skeptical investor would demand.
Key facts in the Intercontinental Wealth Network case
Regulators traced where the money actually went. Court filings describe personal spending, payments to earlier investors, and speculative trading losses rather than any legitimate management of a fund.
| Alleged amount raised | Approximately $16 million |
| Number of investors | More than 200 |
| Misappropriated for personal expenses | More than $5.8 million |
| Used for Ponzi-style payments to earlier investors | Approximately $6.6 million |
| Day-trading losses | More than $750,000 |
| Alleged scheme period | January 2020 to at least March 2026 |
Thomas P. Smith Jr., Associate Director of the SEC’s New York Regional Office, said the sales pitch assured victims their money was safe and protected by so-called “financial, investment insurance.” He described that claim as one of the clearest warning signs regulators see in this type of fraud.
How the scheme operated
According to the complaint, Boateng manufactured an appearance of success. Investors who asked about performance received fabricated account statements showing growth at the promised rate of return. Those statements had no connection to real trading results.
The small amount of money actually invested went into high-risk, speculative day trading, including options. That activity generated more than $750,000 in losses. The remainder supported Boateng’s personal lifestyle, including the purchase, renovation, and furnishing of his home.
Red flags investors should recognize
- Claims that an investment carries no risk or is insured against loss
- Statements that arrive only from the promoter rather than an independent custodian
- Returns that stay steady no matter what markets are doing
- Recruitment pressure aimed at friends, family members, or fellow congregants
- References to insurance products that do not exist in securities markets
What affected investors can do now
The complaint charges Boateng, Intercontinental, and I Wealth Network with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. Boateng and Intercontinental also face charges under Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940.
The SEC seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties against all three defendants. Anyone who invested with Intercontinental Wealth Network, I Wealth Network, or Ernest Ossei Boateng should collect account statements, bank wire records, and marketing materials now. Recovery paths in Ponzi cases can include court-appointed receivers, arbitration claims, and claims against third parties. Acting early preserves evidence and options.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in Ponzi recovery cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
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Offices in Florida, New York, Arizona, Texas, and North Carolina. Former Wall Street defense attorneys with 95+ years of combined experience. No recovery, no fee.
