WASHINGTON, D.C. – September 11, 2026 (STL.News) The Securities and Exchange Commission has charged a New Jersey businessman and two companies he controls with allegedly operating a years-long Ponzi scheme that raised at least $16 million from more than 200 investors, many of whom regulators describe as financially inexperienced and vulnerable.
The SEC filed its complaint against Ernest Ossei Boateng, Intercontinental Wealth Network LLC and I Wealth Network LP in the U.S. District Court for the Eastern District of New York on Sept. 10.
The alleged scheme operated from at least January 2020 through March 2026 and primarily targeted Christians of Ghanaian heritage living in New York and New Jersey, according to the SEC.
The federal complaint provides a considerably more detailed picture than the agency’s initial announcement. Regulators allege Boateng used religious and community relationships to build investors’ trust while promising extraordinary returns that typically ranged from 25% to 100% or more annually.
The SEC alleges that instead of investing the money as represented, Boateng used approximately $6.6 million to make Ponzi-like payments to earlier investors and misappropriated at least $5.8 million for personal expenses, including purchasing, renovating, and furnishing his home.
More than 200 investors allegedly targeted
According to the SEC’s complaint, Boateng raised at least $16 million from at least 200 investors through what was described as a pooled investment vehicle called the “I-Fund.”
The investors allegedly included retirees, taxi drivers, home health care providers, students and an ailing widow with young children.
The SEC says at least two churches and one prayer group also invested. At least one allegedly planned to use investment returns to purchase or construct a church building.
Some investors were immigrants to the United States.
Boateng, originally from Ghana, allegedly used relationships and the reputation he built among Christians of Ghanaian heritage to gain investors’ confidence. The SEC says investors were solicited through personal meetings, phone calls, emails, and text messages, and Boateng also gave investment presentations to churches and a prayer group.
Word of mouth allegedly helped expand the investor base as existing investors told others about the opportunity.
The allegations resemble what regulators commonly describe as affinity fraud, in which an investment promoter exploits relationships or trust within a religious, ethnic, professional or other closely connected community.
Returns allegedly promised at 25% to 100% or more
One of the most striking allegations involves the returns Boateng allegedly promised.
The SEC says potential investors were shown presentation materials stating that an investment could earn a 25% return with compound interest.
One presentation allegedly illustrated how a $24,000 investment could become $1 million within 10 years, after which the investor could reinvest the $1 million and supposedly receive $250,000 annually.
Boateng allegedly marketed the program as a way for investors to create “generational wealth” and change their families’ financial futures.
Other representations allegedly went considerably further.
According to the complaint, certificates issued to investors typically promised fixed annual returns of 25%, while some provided for annual returns of 100% or more.
Boateng also allegedly told investors that their profits were guaranteed and that the investments carried little or no risk.
Some investors were allegedly told their money was protected by what Boateng called “financial/investment insurance.”
The SEC alleges no such insurance existed to protect investors against losses.
Investors allegedly encouraged to borrow money
The SEC complaint includes another significant allegation: Boateng allegedly encouraged people who did not have sufficient money to participate to borrow it.
According to regulators, some prospective investors were encouraged to take out bank loans, take cash advances on credit cards, or make early withdrawals from retirement accounts.
Many allegedly followed that advice.
For investors who borrowed money, Boateng allegedly promised that investment proceeds would provide monthly payments sufficient to cover their loan payments. At maturity, investors were allegedly supposed to receive a return equal to the loan’s original principal.
The SEC contends that when monthly loan payments were made, the money did not come from investment profits. Instead, it allegedly came from money contributed by other investors.
Investors who withdrew money from 401(k)s or individual retirement accounts potentially faced taxes or penalties. Boateng allegedly promised some of them an additional 15% first-year return to compensate for those costs.
The SEC says at least some investors did not receive that additional promised compensation.
SEC says millions went toward Ponzi payments
The financial allegations at the center of the case are substantial.
Of the approximately $16 million raised, regulators allege about $6.6 million went to payments to previous investors.
Such payments can make an investment program appear profitable even when little or no underlying investment profit exists.
The SEC also alleges Boateng diverted at least $5.8 million for personal expenses.
Those expenses allegedly included purchasing his family home and paying to renovate and furnish it.
Regulators say only a limited portion of investor money was actually invested.
When Boateng did trade with investor funds, the SEC alleges his activity was dramatically different from the low-risk, fixed-return strategy investors were supposedly promised.
High-risk trading allegedly lost more than $750,000
Rather than following a conservative investment strategy, Boateng allegedly engaged in frequent, speculative trading, including options trading.
The result, according to the SEC, was more than $750,000 in trading losses during the period covered by the complaint.
The SEC says assets held in the relevant brokerage accounts fluctuated between zero and approximately $840,000 per month during the alleged scheme.
That figure stands in sharp contrast to the approximately $16 million the SEC says was raised from investors.
The agency also alleges the investment fund generated no annual profits during most of the relevant period.
SEC alleges fabricated account statements
The allegations extend beyond how investors handled their money.
When investors asked how their investments were performing, Boateng allegedly provided some of them with fabricated account statements showing their investments increasing at the promised rates.
The SEC alleges Boateng placed the logo of an SEC-registered brokerage firm on those statements to make them appear legitimate.
According to the complaint, however, the brokerage firm had nothing to do with creating the statements, and investors had not established accounts at that brokerage in their names.
Regulators also allege that when Boateng could not provide promised returns or withdrawals, investors received a series of changing explanations.
At one point, according to the complaint, Boateng allegedly blamed the SEC itself, claiming regulators had frozen the defendants’ accounts.
The SEC says no such account freeze had occurred.
Other explanations allegedly included administrative problems and claims that changes in the tax code would financially penalize investors attempting to withdraw their money.
The SEC alleges these explanations were false.
Boateng was not registered with the SEC
The complaint also provides details about Boateng’s professional background.
Boateng, 44, is identified as a resident of Pittstown, New Jersey, and the founder, controlling person, and sole owner of the two entities.
According to the SEC, Boateng has never been registered with the Commission in any capacity, has no professional or Financial Industry Regulatory Authority licenses, and has never been associated with an SEC-registered investment adviser or broker-dealer.
The complaint further alleges Boateng failed the Series 6 and Series 63 examinations in 2016 and has never been registered with a state as an investment adviser or investment adviser representative.
According to the complaint, Intercontinental Wealth Network was established in July 2017 as a New Jersey limited liability company with its principal place of business in Union, New Jersey. Boateng is allegedly its sole officer and director, and the company has no employees.
I Wealth Network was established in October 2020 as a New Jersey limited partnership, also with its principal place of business in Union. The SEC also says it has no employees.
Neither entity has ever been registered with the SEC, the complaint states.
Boateng invoked Fifth Amendment, SEC says
Another noteworthy disclosure appears in the SEC’s description of its investigation.
Commission staff subpoenaed Boateng to provide sworn testimony before filing the civil enforcement action.
According to the complaint, Boateng declined to answer substantive questions concerning the allegations and invoked his Fifth Amendment right against self-incrimination.
Invoking the Fifth Amendment is a constitutional right and does not by itself establish wrongdoing or guilt.
SEC seeks disgorgement, penalties and injunctions
The SEC alleges Boateng, Intercontinental Wealth Network and I Wealth Network violated antifraud provisions of the Securities Act of 1933 and Securities Exchange Act of 1934.
Boateng and Intercontinental are additionally accused of violating antifraud provisions of the Investment Advisers Act of 1940.
The commission is asking the federal court to permanently prohibit the defendants from committing future violations of the securities laws identified in the complaint.
The SEC also seeks disgorgement of allegedly ill-gotten gains plus prejudgment interest and civil monetary penalties.
Regulators are seeking additional restrictions against Boateng that could prevent him from participating in the issuance, purchase, offer or sale of securities, with an exception allowing him to buy or sell exchange-listed securities for his personal account.
The SEC also wants to prohibit Boateng from acting as, or being associated with, an investment adviser, broker, or dealer.
Allegations highlight investment warning signs
The case contains several classic investment-fraud warning signs: extraordinarily high promised returns, claims of guaranteed profits, assurances of little or no risk, reliance on personal and community relationships, and encouragement to borrow money to invest.
Thomas P. Smith Jr., associate director of the SEC’s New York Regional Office, specifically highlighted the purported “financial, investment insurance” representations in announcing the case.
The SEC’s allegations also illustrate why investors should independently verify the professional background and registration status of anyone offering investment services rather than relying solely on recommendations from friends, family members, churches, or other trusted community connections.
The case is Securities and Exchange Commission v. Ernest Ossei Boateng, Intercontinental Wealth Network LLC and I Wealth Network LP, Case No. 1:26-cv-05605, filed Sept. 10, 2026, in the U.S. District Court for the Eastern District of New York. The SEC demanded a jury trial.
The SEC’s complaint allegations have not been proven in court. The filing represents the Commission’s allegations, and the defendants are entitled to contest them. No final judgment establishing liability was identified as of Sept. 11, 2026.
Source: U.S. Securities and Exchange Commission and the SEC’s federal court complaint filed Sept. 10, 2026.
