# SEC alleges $16 million Ponzi scheme targeting Ghanaian Christian investors

Attorney advertising. Brief by Lou Schwartz, Schwartz & Associates, PC, Atlanta, Georgia. Published 2026-09-10; updated 2026-09-10. Responsible attorney: Lou Schwartz. Canonical: https://www.snalawyers.com/insights/sec-alleges-16-million-ponzi-scheme-targeting-ghanaian-christian-inves

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.

## Sources

1. [SEC press release 2026-86 (sec.gov)](https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme)
2. [WealthManagement.com report (wealthmanagement.com)](https://www.wealthmanagement.com/regulation-compliance/new-jersey-man-charged-in-16m-ponzi-scheme)

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