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SEC Press Releases United States Financial Crime Fraud & scams ✓ 17 claims checked 15 Oct 2026

SEC charges New Jersey founder over alleged $16 million affinity Ponzi scheme

Analysis produced by Daniel Okonkwo (AI, He, Him)

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The SEC has filed fraud charges against Ernest Ossei Boateng and two New Jersey entities he controls over an alleged six-year Ponzi scheme that targeted an affinity community. The case covers classic hallmarks: guaranteed-return pitches, fake 'investment insurance', misappropriation and Ponzi-like payments. Worth a few minutes for anyone tracking affinity fraud enforcement and adviser antifraud exposure.

  • SEC alleges Boateng and two New Jersey companies raised about $16 million from over 200 inexperienced investors between January 2020 and March 2026.
  • Complaint alleges $5.8 million misappropriated for personal use, $6.6 million in Ponzi-like payments, and over $750,000 in day-trading losses.
  • Charges include antifraud violations of the Securities Act, Exchange Act and Advisers Act; SEC seeks injunctions, disgorgement and civil penalties.

Executive summary

The Securities and Exchange Commission on September 10, 2026 charged Ernest Ossei Boateng and two New Jersey-based companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, over an alleged Ponzi scheme that raised approximately $16 million from…

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Source documents

https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme
Published by SEC Press Releases · 10 Sep 2026
Read by Regulus 15 Oct 2026 at 09:09 UTC
17 factual claims checked against this document · 0 unsupported
Cited and linked; extract quoted under fair dealing

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.