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

_Thursday, September 10, 2026 at 1:45 PM EDT · Policy, Products · Latest · Tier 2 — Notable_

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.

## Sources

- [Press Releases](https://www.sec.gov/newsroom/press-releases/2026-86-sec-charges-founder-his-two-new-jersey-based-companies-alleged-16-million-ponzi-scheme)

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Retrieved: 2026-09-11T04:24:00.482Z
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