{"investigation":{"slug":"ernest-ossei-boateng-intercontinental-wealth-network-i-wealth-network","entity_name":"Ernest Ossei Boateng / Intercontinental Wealth Network / I Wealth Network","trust_score":2,"severity_base":null,"score_modifier":0,"confidence":0.85,"status":"draft","content_type":"investigation","summary":"The U.S. Securities and Exchange Commission filed a civil fraud complaint on September 10, 2026 against Ernest Ossei Boateng and his New Jersey-based companies, Intercontinental Wealth Network LLC and I Wealth Network LP, alleging an approximately $16 million Ponzi scheme that ran from at least January 2020 through March 2026. The complaint alleges Boateng, who was not registered with any securities regulator and had twice failed licensing exams, used his standing in the Ghanaian Christian community in New York and New Jersey to solicit over 200 largely inexperienced investors — including retirees, taxi drivers, home health aides, an ailing widow, and at least two churches and a prayer group — with promises of guaranteed, low-risk returns. The case is a civil SEC enforcement action; the allegations are unproven and no criminal charges or final judgment have been reported.","sections":[{"content":"On September 10, 2026, the SEC filed a complaint in the U.S. District Court for the Eastern District of New York against Ernest Ossei Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP, charging violations of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, with Boateng and Intercontinental also charged under the antifraud provisions of the Investment Advisers Act of 1940. The complaint alleges Boateng, acting through his two companies, raised approximately $16 million from more than 200 investors between at least January 2020 and March 2026 by soliciting, recommending, and selling interests in an investment fund. The SEC seeks permanent injunctive relief, disgorgement of allegedly ill-gotten gains with prejudgment interest, civil penalties, and conduct-based injunctions against Boateng and Intercontinental. As a civil enforcement action, these are allegations that have not been adjudicated; no settlement, consent judgment, or trial verdict has been reported as of this writing.","heading":"SEC Fraud Complaint","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","name":"SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme","type":"regulatory","credibility":1},{"url":"https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-86.pdf","name":"SEC v. Boateng et al. complaint","type":"court_filing","credibility":1}],"severity":"critical"},{"content":"According to the SEC complaint, Boateng exploited shared community and religious ties to build trust with prospective investors, making presentations at churches and a prayer group affiliated with the Ghanaian Christian community in New York and New Jersey. The alleged victim pool of over 200 people is described by the SEC as largely inexperienced investors, including retirees, taxi drivers, home health care providers, students, an ailing widow with young children, and at least two churches and one prayer group. Thomas P. Smith, Jr., Associate Director of the SEC's New York Regional Office, stated: \"The defendants' sales pitch to victims included assuring them that their investments were safe and without risk—telling many their money was protected by so-called 'financial, investment insurance.' That's as big of a red flag as we see in these types of scams.\" This pattern — leveraging shared ethnic and religious identity to solicit an immigrant community with limited investing experience — is characteristic of what regulators and researchers term affinity fraud.","heading":"Alleged Affinity Fraud Targeting the Ghanaian Christian Community","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","name":"SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme","type":"regulatory","credibility":1},{"url":"https://www.wealthmanagement.com/regulation-compliance/new-jersey-man-charged-in-16m-ponzi-scheme","name":"New Jersey Man Charged in $16 Million Ponzi Scheme","type":"news_article","credibility":2}],"severity":"critical"},{"content":"The SEC alleges that of the roughly $16 million raised, approximately $6.6 million was paid to earlier investors in Ponzi-style payments, while more than $5.8 million was misappropriated by Boateng for personal expenses, including purchasing, renovating, and furnishing his home. Rather than deploying the remaining funds in the promised low-risk, fixed-return strategy, the complaint alleges Boateng engaged in high-risk speculative day trading that produced over $750,000 in trading losses. To conceal the scheme, the complaint alleges Boateng fabricated account statements showing investment growth, in at least one instance bearing the logo of a real, SEC-registered brokerage firm without authorization, even though no accounts had actually been opened in investors' names at that firm.","heading":"Alleged Misuse of Investor Funds and Fabricated Statements","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","name":"SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme","type":"regulatory","credibility":1},{"url":"https://news.bloombergtax.com/daily-tax-report-state/new-jersey-man-carried-out-16-million-ponzi-scheme-sec-alleges","name":"New Jersey Man Carried Out $16 Million Ponzi Scheme, SEC Alleges","type":"news_article","credibility":1}],"severity":"critical"},{"content":"According to reporting on the case, neither Boateng nor his two firms were registered with the SEC or FINRA, and Boateng was not a licensed or registered investment adviser at any point during the alleged scheme. Reporting further indicates Boateng failed the Series 6 and Series 63 securities licensing exams in 2016, despite allegedly presenting himself to prospective investors as an experienced financial professional. During the SEC's investigation, Boateng is reported to have invoked his Fifth Amendment right against self-incrimination rather than answer questions under oath. These details, while consistent across at least two independent reports, have not been independently confirmed by AVOID.NET against the underlying SEC investigative testimony record, which is not public.","heading":"Registration Status and Investigative Conduct","sources":[{"url":"https://www.wealthmanagement.com/regulation-compliance/new-jersey-man-charged-in-16m-ponzi-scheme","name":"New Jersey Man Charged in $16 Million Ponzi Scheme","type":"news_article","credibility":2},{"url":"https://fxnewsgroup.com/forex-news/regulatory/sec-charges-ernest-ossei-boateng-intercontinental-wealth-network-in-alleged-16m-ponzi-scheme/","name":"SEC charges Ernest Ossei Boateng, Intercontinental Wealth Network in alleged $16M Ponzi scheme","type":"news_article","credibility":2}],"severity":"high"},{"content":"As of this writing, the matter is an active, unresolved civil enforcement action brought by the SEC. No parallel criminal charges from the Department of Justice have been reported in available sources. The allegations in the SEC's complaint are, by legal standard, unproven, and Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP have not been found liable by any court. Readers should treat all claims described above as allegations pending judicial resolution.","heading":"Legal Status of Allegations","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","name":"SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme","type":"regulatory","credibility":1}],"severity":"medium"}],"timeline":[{"date":"2020-01","event":"Alleged Ponzi scheme begins, according to the SEC complaint, with Boateng soliciting investors through Intercontinental Wealth Network and I Wealth Network.","source":"SEC press release","source_url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme"},{"date":"2026-03","event":"Alleged scheme continues through at least this month, per the SEC's stated timeframe of \"at least January 2020 through March 2026.\"","source":"SEC press release","source_url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme"},{"date":"2026-09-10","event":"SEC files civil fraud complaint against Ernest Ossei Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP in the U.S. District Court for the Eastern District of New York, alleging a $16 million Ponzi scheme.","source":"SEC Newsroom","source_url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","date_evidence":"Washington D.C., Sept. 10, 2026 —"}],"sources_used":[{"url":"https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","name":"SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme","type":"regulatory","archive_url":"http://web.archive.org/web/20260912065212/https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme","credibility":1,"archive_timestamp":"2026-09-12T06:52:12+00:00"},{"url":"https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-86.pdf","name":"SEC v. 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