A New Jersey-based man has been accused of swindling more than 200 million investors in a $16 million Ponzi scheme in which he targeted members of the Christian Ghanaian community.
The Securities and Exchange Commission charged Ernest Ossei Boateng, as well as two companies he controls, Intercontinental Wealth Network and I Wealth Network, alleging he solicited and sold interests in a phony investment fund.
But the SEC claims he pocketed the funds and used much of the money to pay back existing investors in a Ponzi Scheme-like fashion. Additionally, instead of low-risk investments with fixed returns, Boateng allegedly used the funds for speculative day trading, resulting in more than $750,000 in losses.
According to SEC New York Regional Office Associate Director Thomas Smith, the victims included “retirees, taxi drivers, home health care providers, students, an ailing widow with young children, and at least two churches and one prayer group.”
“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,’” he said. “That’s as big of a red flag as we see in these types of scams.”
According to the complaint, the scheme lasted from at least January 2020 through March 2026. Boateng is not registered and holds no professional FINRA licenses, and failed the Series 6 and 63 exams in 2016 (he declined to answer the commission’s questions during an investigation, citing Fifth Amendment protections against self-incrimination).
Boateng solicited investors for his fund in the Ghanaian community in New York and New Jersey he knew well, including several presentations at at least two churches and a prayer group affiliated with the Ghanaian Christian community. The SEC said Boateng knew most of the investors were financially inexperienced and trusted him “because of their shared religious, social and community ties.”
During his pitches, Boateng touted himself as an expert, leading some to believe he was affiliated with a major financial firm. He allegedly promised a 25% return on investment in the fund, with compound interest, capable of turning $24,000 into $1 million within a decade.
“Boateng told Investors that he was offering the I-Fund investment opportunity to investors as friends and family and to demonstrate that God provided wealth to believers,” the complaint read.
But he never generated sufficient proceeds on the investments, according to the SEC. Instead, he paid off earlier investors, used it for the aforementioned day trading and spent about $5.8 million on personal expenses, including purchasing, renovating and furnishing a home.
When some investors didn’t have the money to invest, Boateng would encourage them to take out bank loans, take credit card advances or make early withdrawals from retirement accounts (often incurring steep penalties).
To cover up the scheme, Boateng allegedly created fake account statements and documents, in one case placing the logo of an unnamed SEC-registered brokerage firm at the top to lend greater authenticity.
When the investments supposedly “matured,” Boateng offered numerous explanations as to why he couldn’t give investors their returns or principal. In some cases, Boateng told victims the commission was holding their funds or that a change in tax law meant he had to withhold their earnings until he resolved the issue. According to the commission, none of this was true.
Boateng could not be reached for comment as of press time.
The commission filed the suit in federal court in New York, alleging that Boateng and his firms violated antifraud provisions of the Securities Act and the Investment Advisers Act. The agency is seeking permanent injunctions, disgorgement and civil penalties.