SEC Charges New Jersey Man in Alleged Ponzi Scheme

Over 200 investors reportedly lost $16 million in the scheme led by Ernest Ossei Boateng.

The Securities and Exchange Commission has filed charges against Ernest Ossei Boateng. Boateng is accused of operating an alleged Ponzi scheme through two companies he controls: Intercontinental Wealth Network LLC and I Wealth Network LP, both based in New Jersey. This scheme reportedly raised around $16 million from over 200 investors. The SEC's action highlights ongoing efforts to protect investors from fraudulent schemes.