SEC Charges New Jersey Investment Adviser and Affiliated Firms in Alleged $16 Million Ponzi Scheme

WASHINGTON, D.C., Sept. 10, 2026 – The Securities and Exchange Commission has filed an enforcement action against Ernest Ossei Boateng and two New Jersey-based entities he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, alleging that they raised approximately $16 million from more than 200 investors through a fraudulent Ponzi scheme that operated from at least January 2020 through March 2026.

SEC Alleges Scheme Targeted Inexperienced Investors

According to the SEC’s complaint, Boateng, acting through affiliated entities, solicited, recommended, and sold interests in an investment fund marketed primarily to Christians of Ghanaian heritage living in New York and New Jersey. The SEC alleges that many investors had little or no prior investment experience.

The agency contends that investors were promised guaranteed fixed returns and were told that their funds would be invested using a low-risk strategy. Instead, the SEC alleges that Boateng diverted significant portions of investor funds for personal use and to make payments to earlier investors.

Alleged Misappropriation of Investor Funds

The complaint alleges that Boateng misappropriated more than $5.8 million of investor money to fund personal expenses, including the purchase, renovation, and furnishing of his residence.

In addition, the SEC alleges that approximately $6.6 million was used to make Ponzi-like payments to existing investors rather than being invested as represented.

High-Risk Trading Contrary to Investor Representations

The SEC further alleges that, to the extent investor funds were invested, those investments were not placed in low-risk vehicles generating fixed returns. Rather, Boateng allegedly engaged in speculative day trading using investor assets, resulting in trading losses exceeding $750,000.

SEC Official Highlights Alleged Victim Profile

In announcing the action, Thomas P. Smith, Jr., Associate Director of the SEC’s New York Regional Office, stated that the alleged victims included retirees, taxi drivers, students, home health care providers, churches, and a prayer group. He further emphasized the SEC’s allegations that investors were repeatedly assured their investments were safe and protected by purported investment insurance.

Charges and Requested Relief

The SEC filed its complaint in the U.S. District Court for the Eastern District of New York. The complaint charges Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP with violations of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

The SEC also alleges that Boateng and Intercontinental Wealth Network violated the antifraud provisions of the Investment Advisers Act of 1940.

The Commission seeks:

Requested Remedies

• Permanent injunctions against the defendants;
• Disgorgement of allegedly ill-gotten gains plus prejudgment interest;
• Civil monetary penalties; and
• Conduct-based injunctions against Boateng and Intercontinental Wealth Network LLC. [sec.gov]

Litigation Release Information

The SEC’s complaint remains an allegation, and the defendants are presumed innocent unless and until the allegations are proven in court or otherwise resolved.

Source: U.S. Securities and Exchange Commission, Press Release No. 2026-86 (Sept. 10, 2026).

What Is a Ponzi Scheme?

For a discussion of how Ponzi schemes operate, common warning signs, and notable SEC enforcement actions, see SECLaw.com’s guide: https://www.seclaw.com/what-is-a-ponzi-scheme/.