The Securities and Exchange Commission charged Ernest Ossei Boateng on September 10 with running a $16 million Ponzi scheme through two New Jersey companies. The complaint says more than 200 investors were harmed, including retirees, taxi drivers, home health care workers, students, an ailing widow with young children, and at least two churches.
What the SEC alleges against Boateng
Boateng, a 44-year-old founder from Pittstown, New Jersey, controls Intercontinental Wealth Network LLC and I Wealth Network LP. The SEC says he sold interests in a purported fund called the I-Fund while promising annual returns that typically ranged from 25 percent to 100 percent or more. He allegedly told investors the returns were certain and their money was protected by so-called financial investment insurance.
Between January 2020 and March 2026, he raised about $16 million from more than 200 investors. The complaint says he primarily targeted Christians of Ghanaian heritage in New York and New Jersey, many of whom had never invested before. When would-be investors lacked cash, Boateng allegedly encouraged them to take bank loans, use credit card advances, or make early withdrawals from retirement accounts.
Key facts from the complaint
The case is pending in federal court in Brooklyn. The table below collects the core details from the SEC’s announcement.
| Detail | Information |
| Defendant | Ernest Ossei Boateng, 44, of Pittstown, New Jersey |
| Companies | Intercontinental Wealth Network LLC and I Wealth Network LP |
| Court | U.S. District Court for the Eastern District of New York |
| Case number | 26-cv-5605, filed September 10, 2026 |
| Amount raised | About $16 million |
| Investors | More than 200 |
| Promised returns | 25 percent to 100 percent or more per year |
Where the investor money went
The SEC alleges Boateng did not invest the money the way he described. Instead of low-risk, fixed-return products, he engaged in speculative day trading and lost more than $750,000. The complaint traces the rest of the fund in three directions.
| Use of investor funds | Amount |
| Personal expenses, including the purchase and renovation of his home | More than $5.8 million |
| Payments presented as returns to earlier investors | About $6.6 million |
| Losses from options and day trading | More than $750,000 |
Fabricated statements and false excuses
When investors asked how their money was performing, Boateng allegedly supplied fabricated account statements showing growth at the promised rate. The SEC says he personally added the logo of an SEC-registered brokerage firm to make the statements look authentic. That firm had no role in creating them, and no accounts had been opened in the investors’ names.
The complaint also lists the excuses he gave when returns stopped arriving. He allegedly claimed the SEC had frozen the companies’ accounts, cited vague administrative problems, and invented a tax-code change that would penalize withdrawals. None of it was true.
Red flags in the I-Fund pitch
- Returns of 25 percent to 100 percent described as certain, with no risk disclosed.
- A claim that deposits carried financial investment insurance, a protection that does not exist for private funds.
- Pressure to borrow through bank loans, credit cards, or retirement account withdrawals.
- Account statements from a brokerage firm where no accounts existed.
Thomas P. Smith Jr., associate director of the SEC’s New York Regional Office, said the insurance claim was as big a red flag as the agency sees in these scams. Investors who heard similar assurances from any fund promoter should treat them as a warning.
What investors should do now
The SEC wants permanent injunctions, disgorgement with prejudgment interest, and civil penalties. It also seeks conduct-based injunctions that would bar Boateng from participating in securities offerings and from associating with an investment adviser, broker, or dealer. The complaint charges violations of the antifraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940.
Anyone who invested through the I-Fund should collect account statements, transfer records, and any written communications from Boateng. Those documents support claims in the SEC action and in any separate recovery proceeding. A congregation or family that borrowed money to invest should also keep the loan documents.
How to recover your losses
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, meaning no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in fraud cases involving private funds. 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.
