SEC Says Founder Promised Ghanaian Christian Investors 25% to 100% 'Guaranteed' Returns in Alleged $16 Million Ponzi Scheme

Published Oct. 12, 2026. Case statuses are current as of that date. This article is based only on documents published by the U.S. Securities and Exchange Commission.

The pitch was safety. Investors were told their money would go into a low-risk fund that paid guaranteed, fixed returns. According to the Securities and Exchange Commission, many of the people who heard that pitch had never invested before, and some borrowed or drained retirement accounts to take part.

On Sept. 10, 2026, the SEC sued Ernest Ossei Boateng and two New Jersey-based companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, in federal court in Brooklyn. The agency alleges that from at least January 2020 until at least March 2026 Boateng raised about $16 million from more than 200 investors through what it calls a Ponzi scheme [1][2].

Important: These are civil allegations. The SEC's release does not report a settlement, and Boateng and his companies have not been found liable. We found no response from Boateng in the SEC documents.

Who the SEC says was targeted

The complaint says Boateng primarily targeted Christians of Ghanaian heritage in New York and New Jersey [1]. According to the complaint, the investors included retirees, taxi drivers, home health care providers and students, as well as at least two churches and one prayer group. At least one of those congregations intended to use the promised returns to buy or build a church building, the SEC alleges. Some investors were immigrants to the United States [2].

That is what regulators call affinity fraud: a scheme that spreads through a close-knit religious, ethnic or community group, where trust in a fellow member can stand in for due diligence.

The complaint also alleges that when investors didn't have cash available, Boateng encouraged them to take out bank loans, use credit card advances or make early withdrawals from retirement accounts, promising he would cover any resulting costs [2].

What investors were allegedly promised

According to the SEC complaint [2], Boateng sold interests in a pooled investment vehicle referred to as the "I-Fund" and told investors that:

• they would receive guaranteed annual returns, typically ranging from 25% to 100% (or more);
• earlier investors had received those returns; and
• their money was safe and without risk. Some investors were allegedly told the investments were protected by "financial/investment insurance."

The SEC's release describes the promised strategy as low-risk with guaranteed fixed returns [1].

Where the SEC says the money went

The SEC alleges the money was not invested as promised [1][2]:

• About $6.6 million allegedly went to Ponzi-like payments to earlier investors.
• More than $5.8 million was allegedly misappropriated for Boateng's personal expenses, including the purchase, renovation and furnishing of his home.
• To the limited extent the money was invested, the SEC says it went into high-risk, speculative day trading, including options trading, rather than low-risk, fixed-return investments. The complaint puts the trading losses at more than $750,000.

Fake statements and shifting excuses

The complaint describes two ways the SEC says the scheme was kept hidden [2].

First, investors who asked how their money was doing allegedly received fabricated account statements showing growth at the promised rate. The SEC alleges Boateng put the logo of an SEC-registered brokerage firm on those statements, even though that firm had nothing to do with them and no accounts had been opened there in investors' names. (The SEC does not allege any wrongdoing by the brokerage firm, and we do not name it.)

Second, when promised payouts did not arrive, investors allegedly heard "numerous and shifting false excuses." According to the complaint, these included claims that the SEC had frozen the defendants' accounts, which the agency says never happened; administrative problems; and a supposed tax-code change that would penalize withdrawals.

The charges

The complaint charges Boateng, Intercontinental and I Wealth with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. It also charges Boateng and Intercontinental with violating antifraud provisions of the Investment Advisers Act of 1940. The SEC is seeking permanent injunctions, disgorgement with prejudgment interest, civil penalties, and conduct-based injunctions against Boateng and Intercontinental [1].

The case is SEC v. Ernest Ossei Boateng, et al., No. 26-cv-5605, U.S. District Court for the Eastern District of New York [1]. The SEC's release does not mention any parallel criminal case.

What happens next

This is a civil case brought by the Securities and Exchange Commission, not a criminal prosecution. The SEC cannot send anyone to prison; it asks a federal judge for orders such as injunctions, repayment of allegedly ill-gotten gains (called disgorgement), interest on that money, civil penalties and industry bars.

A complaint is a set of allegations. The defendants have not been found liable, and they will have the chance to respond in court. Civil cases like this one can end in a settlement, a judgment after motions or trial, or a dismissal. We will update this article as the case develops.

Red flags to watch for

• "Guaranteed" returns of any size, and especially 25% to 100% a year.
• "No risk" or "insured" claims for an investment fund. Investment losses are not insured the way bank deposits are.
• Pressure to borrow or tap retirement money to invest.
• Statements that don't come from a custodian. Ask for statements sent directly by the brokerage firm that holds the money, and confirm the account with that firm yourself.
• Excuses for late payments that blame regulators, taxes or paperwork.

What to do if you invested

1. Keep every record: account statements, promissory notes, subscription agreements, emails, texts, wire confirmations and screenshots of websites or videos.
2. Report it to the SEC at sec.gov/tcr.
3. Check who you are dealing with. Before investing, search the person and firm on the SEC's Investor.gov adviser search and FINRA's BrokerCheck.
4. Beware of "recovery" offers. People who lost money in investment frauds are often contacted by scammers who promise to recover it for an upfront fee. Government agencies and court-appointed receivers do not charge victims to file claims.

Case status (as of Oct. 12, 2026)

Defendant	Court	Status as of Oct. 12, 2026	Source
Ernest Ossei Boateng	U.S. District Court, E.D.N.Y. (No. 26-cv-5605)	Sued by SEC Sept. 10, 2026 (civil fraud); no settlement reported; not found liable	[1], [2]
Intercontinental Wealth Network LLC; I Wealth Network LP	Same	Sued by SEC Sept. 10, 2026; no settlement reported	[1], [2]

Statuses can change. An SEC complaint contains allegations, and a settlement without admitting or denying them is not a finding of wrongdoing.

Sources

1. U.S. Securities and Exchange Commission, Litigation Release No. 26639, "SEC Charges Founder and his Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme," Sept. 14, 2026. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26639
2. SEC complaint, SEC v. Ernest Ossei Boateng, et al., No. 26-cv-5605 (E.D.N.Y. filed Sept. 10, 2026). https://www.sec.gov/files/litigation/complaints/2026/comp26639.pdf

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