SEC v. Ernest Ossei Boateng, Intercontinental Wealth Network, LLC, and I Wealth Network LP — U.S. Securities and Exchange Commission Litigation Release No. 26639, dated September 14, 2026.
The SEC charged Ernest Ossei Boateng and two companies he controls with operating a $16 million Ponzi scheme. Boateng allegedly targeted inexperienced investors, promising guaranteed high returns, but instead used funds for personal expenses and high-risk trading, resulting in significant losses.
In Plain English
Imagine someone promised to invest your money and give you big, guaranteed profits. Instead, they took most of the money for themselves, like buying a house, and gambled the rest away on risky trades. They also lied to investors about how well their money was doing, even faking account statements. This is like a dishonest fundraiser who pockets donations instead of using them for the promised charity.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- Targeting Vulnerable Investors Ernest Ossei Boateng, through his companies Intercontinental Wealth Network LLC and I Wealth Network LP, solicited investments primarily from Christians of Ghanaian heritage in New York and New Jersey. Many of these investors were financially unsophisticated, including retirees, taxi drivers, home health care providers, students, and an ailing widow.
- Promising Unrealistic Returns Boateng falsely promised investors guaranteed annual returns typically ranging from 25% to 100%. He also claimed their investments were safe, without risk, and even insured, assuring them that earlier investors had received such promised returns.
- Encouraging Risky Investment Methods When investors lacked funds, Boateng encouraged them to obtain money through bank loans, credit card advances, or early retirement account withdrawals, promising to cover any resulting costs.
- Misappropriating Funds for Personal Use Instead of investing as promised, Boateng allegedly misappropriated more than $5.8 million for his personal expenses, including the purchase, renovation, and furnishing of his home.
- Operating a Ponzi Scheme Boateng allegedly used approximately $6.6 million of investor funds to make Ponzi-like payments to earlier investors, creating the illusion of a profitable investment.
- Engaging in High-Risk Trading To the limited extent funds were invested, Boateng failed to use low-risk, fixed-return strategies. Instead, he engaged in high-risk, speculative day-trading, including options trading, which resulted in more than $750,000 in losses.
- Fabricating Account Statements When investors inquired about their returns, Boateng provided fabricated account statements. He personally affixed the logo of an SEC-registered brokerage firm onto these statements to make them appear legitimate, even though the firm was not involved and no accounts existed there for the investors.
- Providing False Excuses When unable to provide promised returns, Boateng offered shifting and false excuses, including blaming the SEC for freezing accounts (which never happened), citing administrative issues, or claiming tax code changes would penalize withdrawals.
The Enforcement Action
SEC charges Ernest Ossei Boateng and two companies, Intercontinental Wealth Network LLC and I Wealth Network LP, in an alleged $16 million Ponzi scheme. Boateng allegedly defrauded over 200 inexperienced investors by promising guaranteed high returns, but instead misappropriated funds for personal use and engaged in high-risk trading. The SEC seeks permanent injunctive relief, disgorgement with pre-judgment interest, and civil penalties.
Named in this action: Ernest Ossei Boateng, Intercontinental Wealth Network LLC, I Wealth Network LP.