SEC: New Jersey man's $16 million Ponzi scheme targeted a Ghanaian Christian community
The SEC has charged Ernest Ossei Boateng and two New Jersey companies he controls with running a Ponzi-like scheme that raised about $16 million from more than 200 investors from 2020 to 2026. The complaint says he mainly targeted Christians of Ghanaian heritage in New York and New Jersey, many with no investing experience: retirees, taxi drivers, home health care providers, students, a widow with young children and at least two churches. He promised safe, fixed returns, the SEC says, but spent more than $5.8 million on himself, including his home, and paid earlier investors with later investors' money.
The wall: case pending; investor accounts
Tier: Confirmed (identity named as the alleged mechanism (affinity fraud))
Sources
- sec.gov/files/litigation/complaints/2026/comp-pr2026-86.pdf
- sec.gov/enforcement-litigation/litigation-releases/lr-26639
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