The Securities and Exchange Commission charged Ernest Ossei Boateng and two companies he controls with operating an alleged $16 million Ponzi scheme from at least 2020 through March 2026.
The SEC says more than 200 investors, many with limited investment experience, were promised guaranteed fixed returns and a low-risk strategy. The complaint alleges that more than $5.8 million was instead used for personal expenses, including a home purchase and renovations.
The case is civil, and the allegations have not yet been proven. The defendants can contest the SEC's claims in court.