SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme

The Securities and Exchange Commission today 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.