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UPDATE May 4, 2026: DFI has received complaints from investors indicating that BG Wealth Sharing and the DSJ Exchange may be perpetrating an advance fee scam. A company that requires an investor to deposit additional external funds in order to withdraw their investment is highly likely to be operating an advance fee scam. They may claim this fee is for various purposes including but not limited to taxes, as part of a government investigation or hacking incident, commission, or a verification fee. Cryptocurrency scammers may also attempt to direct investors to new fraudulent platforms.
Additional warning – Victims of cryptocurrency scams are often targeted by recovery scammers. If you are contacted by someone claiming to be able to recover your investment for a fee, it is likely a scam. For more information about recovery scams, click here.
Original Alert: The Washington State Department of Financial Institutions (DFI), Securities Division, has received several complaints regarding BG Wealth Sharing LTD (“BG Wealth”). BG Wealth claims to be an investment group and “The World’s largest hedge fund.” BG Wealth is associated with a purported cryptocurrency trading platform called DSJ Exchange PTY Ltd (“DSJ”). BG Wealth and DSJ have used many domains, including Bggp.vip, Bg911.cc, and dsjex.net, and continue to create new websites as prior versions are removed.
BG Wealth and DSJ are companies incorporated in the State of Colorado. The addresses used on the Colorado Secretary of State filing for BG Wealth and DSJ do not appear to be legitimate places of business. BG Wealth provided the Secretary of State with a generic PostNet address and DSJ provided an address for a temporary office rental space. The period both entities claim to have been founded does not align with the dates the incorporation documents were filed.
Investors are learning of the investment opportunity primarily through social media. BG Wealth operates a recruitment-based structure that encourages existing investors to recruit new investors with the promise of increased earnings. BG Wealth is communicating with investors through private channels including the app Bonchat and Telegram. DFI wants to emphasize that legitimate investment companies generally do not communicate with investors through channels like WhatsApp, Telegram, Signal, or Bonchat. In these private communication channels, investors are provided “trading signals” each day by the founder of BG Wealth, a self-proclaimed professor named Stephen Beard.
Investors use the trading signals on the DSJ exchange and are led to believe that their investment is generating profit. BG Wealth guarantees the accuracy of the trading signals and claims to have a “zero-risk” investment environment. BG Wealth promises exorbitant returns such as claiming an investment of 2000 USDT will earn investors “1500 USDT per month for life.” No investment is guaranteed, and legitimate investment professionals will not make such statements.
BG Wealth and DSJ falsely claim to be licensed by the Securities and Exchange Commission (SEC). In review of these entities, DFI found that BG Wealth filed a partial Form ADV with the SEC and obtained Exempt Reporting Adviser (ERA) status. DSJ filed a Form D with the SEC claiming a registration exemption. Neither of these forms are an indication of registration with the SEC. ERAs are not registered and are not regularly examined by the SEC. Form Ds submitted to the SEC are not validated and should not be taken as confirmation that a business is legitimate.
Investors have reported that they have been unable to withdraw their investments. Online reports indicate that a limited number of investors have been able to withdraw small amounts from the platform. This is a common tactic used in cryptocurrency scams to build trust and recruit more investors to the fraudulent platform.
WARNING – Fraudulent digital asset platforms frequently perpetrate advance fee scams to steal additional funds from investors. DFI recently reported on a similar alleged cryptocurrency scheme with a recruitment based structure called League of Whalefall and TX Exchange. In this case, investors were told that the platform was under investigation and they needed to pay a verification fee of $400 to confirm that their account was not fraudulent. Investors who paid the fee were still unable to withdraw their investments.
There are several red flags of an advance fee scam including:
- More funds need to be deposited to withdraw the investment. This may be referred to as an account verification fee, taxes, commission, etc.
- The fee can only be paid with external funds rather than funds in the investor’s account.
- The fee must be paid by a specified deadline, or the investor will lose their funds.
How to Avoid Becoming Victim of a Scam
DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment advice or financial services. Investment professionals need to be licensed with DFI to offer investments to Washington residents. To check the licensing status and to find out if there are any complaints against an investment professional, please visit FINRA Brokercheck (https://brokercheck.finra.org).
How to Report
If you believe you are a victim of this alleged scam:
- Report to FBI
- If you are outside Washington State: contact your local Securities Regulator
- If you are a Washington State resident: Submit a Complaint for statistical purposes.
Additional Resources
Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers (https://dfi.wa.gov/consumers/virtual-currency)
Information regarding investing strategies, investment products, and how to protect yourself from fraud (https://dfi.wa.gov/financial-education/information/investing)
What You Can Do to Avoid Investment Fraud (https://www.investor.gov/protect-your-investments/fraud/how-avoid-fraud/what-you-can-do-avoid-investment-fraud)
These allegations have not been verified by DFI.