SEC Sues Ernest Ossei Boateng Over $16 Million Ponzi Scheme Targeting Ghanaian Christians
Updated
Updated · Bloomberg Law · Sep 11
SEC Sues Ernest Ossei Boateng Over $16 Million Ponzi Scheme Targeting Ghanaian Christians
3 articles · Updated · Bloomberg Law · Sep 11
Summary
A federal complaint filed in New York accuses New Jersey resident Ernest Ossei Boateng and two companies of raising $16 million through a Ponzi scheme aimed at Christians of Ghanaian heritage.
The SEC said Boateng lured investors with supposedly safe, low-risk investments and guaranteed annual returns of 25% to 100%, then used $6.6 million to pay earlier investors and $5.8 million on personal expenses, including a home.
More than 200 investors in New York and New Jersey were allegedly defrauded from 2020 to 2026, with some money also diverted into speculative day trading that lost more than $750,000.
The case adds that fake account statements were used to hide the fraud, underscoring how affinity-based targeting exploited trust and financial inexperience within the community.