Ernest Ossei Boateng, Intercontinental Wealth Network, LLC, and I Wealth Network LP
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26639 / September 14, 2026
Securities and Exchange Commission v. Ernest Ossei Boateng, et al., No. 26-cv-5605 (E.D.N.Y. filed Sept. 10, 2026)
SEC Charges Founder and his Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme
On September 10, 2026, the Securities and Exchange Commission charged Ernest Ossei Boateng and two New Jersey-based companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, for allegedly raising approximately $16 million from more than 200 inexperienced investors through a Ponzi scheme he operated from at least January 2020 until at least March 2026.
According to the SEC’s complaint, Boateng, acting through his two companies, solicited, recommended, and sold interests in an alleged investment fund, primarily targeting Christians of Ghanaian heritage in New York and New Jersey, many of whom had no prior investing experience. The complaint alleges that Boateng told investors that their investments would generate guaranteed fixed returns and that the investment fund would pursue a low-risk investment strategy. Rather than investing the money as promised, however, Boateng allegedly misappropriated more than $5.8 million for his personal expenses, including the purchase, renovation, and furnishing of his home. Boateng also allegedly used approximately $6.6 million to make Ponzi-like payments to earlier investors. The complaint further alleges that, to the limited extent Boateng did invest the money, he failed to do so in low-risk investments with fixed returns. Instead, according to the complaint, Boateng used investor money to engage in high-risk, speculative day-trading, leading to more than $750,000 in trading losses.
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 Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Boateng and Intercontinental with violating Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains with pre-judgment interest, and civil penalties against all of the defendants, as well as conduct-based injunctions against Boateng and Intercontinental.
The SEC’s investigation was conducted by Elizabeth Butler, Elizabeth Rosen, and Melissa Coppola under the supervision of Alison Conn and Thomas P. Smith, Jr. of the SEC’s New York Regional Office. The litigation will be led by Todd Brody under the supervision of Jack Kaufman.