SEC Charges Founder and Two New Jersey Firms in Alleged $16 Million Ponzi Scheme

WASHINGTON — The Securities and Exchange Commission charged Ernest Ossei Boateng and two New Jersey-based companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, for allegedly orchestrating a $16 million Ponzi scheme, according to an SEC enforcement action published on Sept. 10, 2026. The regulatory filing targets the alleged raising of approximately $16 million from more than 200 investors.

Strategic Context

The regulatory filing outlines enforcement actions against Boateng and his corporate entities, Intercontinental Wealth Network LLC and I Wealth Network LP, operating out of New Jersey. The Commission's action addresses the alleged solicitation of over 200 participants who contributed capital to the investment vehicles managed by Boateng.

Financial & Macro Implications

The SEC proceeding involves approximately $16 million raised from investors. The regulatory intervention focuses on addressing the management, deployment, and potential protection of capital collected across the two New Jersey-based entities.

Forward Outlook

Compliance officers, legal counsel, and market participants monitoring the enforcement action should review subsequent federal court filings regarding asset freezes, court-appointed receivers, and restitution timelines for the affected investor base. Source: SEC Press Releases, SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme.