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SEC charges New Jersey founder over alleged $16M Ponzi scheme

The SEC charged Ernest Ossei Boateng and two New Jersey companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, alleging they raised about $16 million from more than 200 inexperienced investors through a Ponzi scheme run from at least January 2020 until at least March 2026. The complaint, filed in the Eastern District of New York, alleges Boateng misappropriated more than $5.8 million for personal expenses and used roughly $6.6 million for Ponzi-like payments to earlier investors. The SEC seeks injunctions, disgorgement with interest and civil penalties.
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