Attorney advertisingBriefSecurities & Shareholder
SEC alleges $16 million Ponzi scheme targeting Ghanaian Christian investors
Responsible attorney: Lou Schwartz, Schwartz & Associates, PC, Atlanta, Georgia. intake@snalawyers.com
On Sept. 10, 2026, the SEC charged Ernest Ossei Boateng and two New Jersey entities he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, in the Eastern District of New York. The SEC alleges that from January 2020 through March 2026 they raised about $16 million from more than 200 investors, particularly Christians of Ghanaian heritage, while promising guaranteed returns, and that Boateng misappropriated more than $5.8 million and used about $6.6 million for Ponzi-like payments. The SEC seeks injunctions, disgorgement and civil penalties.
Why it matters. The action reflects the SEC's focus on affinity fraud against retail investors; the allegations have not been adjudicated.
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