affinity-fraud
Every record this desk has filed under affinity-fraud, newest first, each with the number of sources it can still show you.
The SEC says a man who failed the securities exams in 2016 raised $16 million from at least 200 people in his own community, and told those without savings to take out loans and empty their retirement accounts.
On September 10 the Securities and Exchange Commission sued Ernest Ossei Boateng and two New Jersey companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, over a fund the SEC says ran from at least January 2020 until at least March 2026. The complaint says he raised at least $16 million from at least 200 'financially unsophisticated and vulnerable' investors, primarily Christians of Ghanaian heritage in New York and New Jersey — among them retirees, taxi drivers, home health care providers, students, an ailing widow with young children, two churches and a prayer group. Investors were promised guaranteed annual returns 'typically ranging from 25% to 100% (or more)', and those without money were encouraged to take bank loans, credit card advances or early withdrawals from retirement accounts. The SEC says $5.8 million went to Boateng's personal expenses including his home, $6.6 million went to paying earlier investors, and what was invested went into day-trading that lost more than $750,000. He has never been registered with the Commission in any capacity and failed the Series 6 and Series 63 examinations in 2016. Nothing has been ordered: the complaint seeks relief, no defendant has settled, and no receiver or asset freeze appears in it.
Also filed undersecenforcementfraudinvestors
A record appears here because it carries affinity-fraud in its own frontmatter. If a record you expected is missing, it was filed under a different subject — the full list is on the topics index.