The SEC filed civil fraud charges against Ernest Ossei Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP in September 2026, alleging the defendants operated a Ponzi scheme that raised approximately $16 million from more than 200 investors.
According to the SEC’s complaint, the scheme targeted members of a Ghanaian Christian community through a pooled investment fund called the I-Fund, and the agency alleges that millions of dollars in investor money were misappropriated for personal expenses, payments to earlier investors, and speculative trading.
Because Ossei Boateng was not a registered broker or investment adviser, Meyer Wilson Werning is unable to pursue claims directly against him. However, if investors purchased securities tied to the alleged Ponzi scheme through broker-dealers or licensed financial advisors who recommended the product, an experienced Ponzi scheme attorney may be able to help.
What the SEC Alleges in the Boateng Case
The SEC filed its civil action in the U.S. District Court for the Eastern District of New York under case number 1:26-cv-05605. SEC Litigation Release No. 26639 describes the agency’s allegations in detail.
According to the SEC complaint in the Boateng case, the defendants solicited investments in the I-Fund beginning around January 2020 and allegedly promised investors guaranteed fixed returns ranging from 25% to over 100%. The SEC alleges the fund was presented as a low-risk strategy, but investor money was not used as described.
The SEC’s complaint alleges the following uses of investor funds:
- Approximately $6.6 million was allegedly directed toward payments to earlier investors in a manner consistent with a Ponzi scheme structure
- More than $5.8 million was allegedly misappropriated for personal expenses, including the purchase, renovation, and furnishing of a home
- More than $750,000 was allegedly lost through high-risk, speculative day trading
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$350 Million for Our Clients Nationwide.
What This Means for Investors
The SEC’s allegations in the Boateng case illustrate several warning signs that investors can watch for when evaluating any investment opportunity.
Promises of guaranteed returns with little or no risk are among the most common indicators of a fraudulent investment arrangement. Legitimate investments carry risk, and no fund manager can guarantee specific returns regardless of market conditions. When the SEC alleges that the I-Fund promised returns of 25% to over 100% with a “low-risk” strategy, the agency is describing a claim that should raise concern for any investor evaluating a similar pitch.
The SEC alleges that Boateng used relationships within the Ghanaian Christian community to build credibility and recruit new investors. Investors in any faith-based or cultural community should evaluate investment opportunities on their financial merits, independent of the promoter’s personal or community standing.
How Meyer Wilson Werning Can Help
Meyer Wilson Werning represents investors nationwide who have lost money in alleged Ponzi schemes, affinity fraud, and other forms of investment fraud. With more than 75 years of combined experience and over $350 million recovered for clients, the firm’s attorneys understand the investor fund recovery process and can evaluate whether legal options exist for affected investors.
If you invested in the I-Fund or a similar investment product and suffered losses, contact us today for a free and confidential consultation to discuss your options.
Our lawyers are nationwide leaders in investment fraud cases.
Frequently Asked Questions
What did the SEC allege happened in this Ponzi scheme?
The SEC alleges that Ernest Ossei Boateng and two companies he controlled raised approximately $16 million from more than 200 investors through the I-Fund. According to the complaint, about $6.6 million was used for payments to earlier investors, more than $5.8 million was allegedly misappropriated for personal expenses, and more than $750,000 was lost through speculative day trading.
Who were the defendants in the SEC case?
The defendants are Ernest Ossei Boateng, Intercontinental Wealth Network LLC, and I Wealth Network LP. The SEC filed the civil action in the U.S. District Court for the Eastern District of New York under case number 1:26-cv-05605.
What investment product was involved?
According to the SEC complaint, Boateng solicited and sold interests in a pooled investment vehicle called the I-Fund. The SEC alleges that investors were told the fund would use a low-risk strategy and provide guaranteed fixed returns, while investor money was allegedly used for other purposes.
Were the SEC’s allegations proven in court?
The reviewed materials describe allegations in a civil SEC complaint and enforcement release. They do not establish a final judgment, settlement, criminal conviction, or adjudicated finding against the defendants. The case remains a pending civil matter.
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