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SEC Charges Founder and His Two New Jersey-Based Companies in Alleged $16 Million Ponzi Scheme
Source: U.S. Securities and Exchange Commission
Regulation & LegislationLegal & LitigationFintech
The SEC charged Ernest Ossei Boateng and New Jersey-based entities Intercontinental Wealth Network LLC and I Wealth Network LP over allegations that they raised approximately $16 million from more than 200 investors. The enforcement action creates significant legal and regulatory risk for the individuals and companies involved, though the excerpt provides no details on the alleged conduct, investor losses, or potential penalties.
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