SEC Charges Founder and Two Companies in Alleged $16 Million Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) has charged a New Jersey businessman and two companies he controls over an alleged Ponzi scheme that regulators say raised approximately $16 million from more than 200 investors.

The case, announced on September 10, 2026, names Ernest Ossei Boateng, Intercontinental Wealth Network LLC and I Wealth Network LP. According to the SEC, the alleged scheme operated from at least January 2020 until at least March 2026.

The regulator alleges that many of those approached had little or no previous investment experience and were promised guaranteed fixed returns through what was presented as a low-risk investment strategy.

Investors Were Allegedly Promised Guaranteed Returns

According to the SEC complaint, Boateng operated through Intercontinental Wealth Network and I Wealth Network while soliciting investments in a pooled investment vehicle referred to as the “I-Fund.”

The complaint alleges that investors were typically promised annual returns ranging from 25% to 100% or more. Some were allegedly told that the investment was safe, carried no risk and was protected by what was described as “financial/investment insurance.”

The SEC alleges that those representations did not reflect what was actually happening with investors’ money.

SEC Says $6.6 Million Was Used for Ponzi-Like Payments

Rather than investing all of the money according to the strategy described to investors, the SEC alleges that approximately $6.6 million was used to make Ponzi-like payments to earlier investors.

Another $5.8 million or more was allegedly misappropriated for Boateng’s personal expenses. According to the regulator, those expenses included purchasing, renovating and furnishing his home.

The complaint further alleges that when investor money was actually put into the markets, it was not consistently placed in the low-risk investments that had supposedly been promised.

Instead, Boateng allegedly engaged in high-risk speculative day trading that generated more than $750,000 in trading losses.

Ghanaian Christian Community Allegedly Targeted

A particularly significant aspect of the case is the community through which the investments were allegedly promoted.

The SEC says the defendants primarily targeted Christians of Ghanaian heritage living in New York and New Jersey, including people with limited investment experience.

The regulator says the investors included retirees, taxi drivers, home health care providers, students and an ailing widow with young children. At least two churches and a prayer group were also among the investors identified in the complaint.

According to the complaint, at least one religious organisation intended to use expected investment returns to purchase or construct a church building.

The allegations illustrate a form of affinity-based investment solicitation in which existing community, cultural or religious relationships can contribute to investor trust.

Some Investors Were Allegedly Encouraged to Borrow

The federal complaint contains another striking allegation: investors who did not have enough available money to participate were allegedly encouraged to obtain funds through bank loans, credit-card advances or early withdrawals from retirement accounts.

Boateng allegedly assured some investors that resulting costs would be covered.

If proven, this would mean that some participants were exposed not only to the potential loss of their investment but also to debt or the depletion of retirement savings used to finance it.

Promises of Safety Are Central to the SEC’s Case

Thomas P. Smith Jr., Associate Director of the SEC’s New York Regional Office, said the alleged representations that the investments were safe and without risk were a major warning sign.

The regulator’s complaint focuses not merely on investment losses but on allegations that investors were given materially misleading information about how their money would be used and the level of risk involved.

Guaranteed high returns combined with representations of little or no risk have long been significant warning signs in investment-fraud cases. In this case, the alleged annual returns were particularly substantial, while the investment strategy was simultaneously presented as safe.

What the SEC Is Seeking

The complaint was filed in the U.S. District Court for the Eastern District of New York.

The SEC charges Boateng, Intercontinental Wealth Network LLC and I Wealth Network LP with violations of antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

Boateng and Intercontinental Wealth Network are additionally charged with violations of antifraud provisions of the Investment Advisers Act of 1940.

The regulator is seeking permanent injunctive relief, disgorgement of allegedly ill-gotten gains with prejudgment interest and civil monetary penalties. It is also seeking conduct-based injunctions against Boateng and Intercontinental Wealth Network.

The Allegations Have Not Yet Been Proven

The case is a civil enforcement action, and the allegations contained in the complaint should not be treated as a final judicial determination of liability.

The SEC has brought the allegations before a federal court, where the defendants have the opportunity to contest them. As of the announcement of the case, no final judgment establishing liability had been entered.

The distinction is important when reporting enforcement proceedings: the complaint sets out the regulator’s allegations and requested remedies, while the court process determines the ultimate legal outcome.

A Case That Highlights the Risks of Affinity-Based Investment Promotion

The Intercontinental Wealth Network case stands out because of the combination of alleged guaranteed returns, claims of investment safety and recruitment within an identifiable community.

Investment opportunities introduced through friends, religious communities, professional networks or cultural associations can benefit from a level of trust that would not normally be extended to an unfamiliar promoter.

That trust, however, is not a substitute for independent verification of how an investment operates, where investor funds are held, whether the individuals involved are properly registered and whether claims about guaranteed returns or insurance can be independently substantiated.

The case against Ernest Ossei Boateng, Intercontinental Wealth Network LLC and I Wealth Network LP will now proceed through the federal court system.

Source and Legal Note

This report is based primarily on the September 10, 2026 enforcement announcement and federal complaint published by the U.S. Securities and Exchange Commission (SEC).

The allegations described above are allegations made by the regulator and have not been established as facts by a final court judgment. The defendants are entitled to contest the allegations and present their defenses in court.