SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme

What happened

The Securities and Exchange Commission today charged Ernest Ossei Boateng and two New Jersey-based companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, for allegedly raising approximately $16 million from more than 200…

Why it matters

The decision may change compliance obligations, market access or operating costs for CFTC, SEC.

Affected entities

View evidence

3 reports · 1 original report · 3 independent

1. U.S. Securities and Exchange CommissionPrimary source · Supports · EN · 50%
   SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme ↗Sep 10, 2026, 1:45 PM
2. CoinDeskIndependent · Supports · EN · 49%
   Why a new SEC plan could ease a legal headache for tokenized securities ↗Sep 10, 2026, 3:01 PM
3. The BlockIndependent · Supports · EN · 100%
   Citadel urges SEC to assert oversight of event contracts tied to public firms ↗Sep 10, 2026, 9:43 AM

Claims

• SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme Observed

Conflicts

No material conflict detected in the available evidence.

Timeline

1. September 10, 2026 at 9:43 AMFirst reported
2. Sep 10, 2026, 3:03 PMUnverified · 79/62%
3. Sep 10, 2026, 3:09 PMCorroborated · 78/47%
4. Sep 10, 2026, 4:26 PMCorroborated · 78/47%

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