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

The SEC has filed charges against Ernest Ossei Boateng and his New Jersey companies for allegedly orchestrating a $16 million Ponzi scheme targeting over 200 investors.

The Securities and Exchange Commission (SEC) has filed charges against Ernest Ossei Boateng alongside two New Jersey-based entities under his control, Intercontinental Wealth Network LLC and I Wealth Network LP. According to the regulatory announcement, the regulator alleges that Boateng and the associated firms engaged in a fraudulent scheme that raised approximately $16 million from more than 200 investors. The SEC's enforcement action highlights ongoing efforts to protect retail and institutional investors from unregistered investment offerings and fraudulent operations within the financial services sector. Further details on the specific statutory violations and sought remedies are outlined in the agency's formal complaint.