The Securities and Exchange Commission (SEC) filed a complaint in the U.S. District Court for the Northern District of California alleging two foreign-operated, Colorado-incorporated companies orchestrated a fraud scheme that raised more than $130 million.
The complaint charges BG Wealth Sharing Ltd and DSJ Exchange Pty Ltd with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. It also charged BG Wealth with violating Sections 204(a) and 207 of the Investment Advisers Act of 1940.
According to the SEC’s complaint, from at least October 2025 through June 2026, BG Wealth and DSJ Exchange induced tens of thousands of retail investors to participate in a “wealth-sharing program” by promising extraordinary, risk-free returns.
BG Wealth falsely claimed it was a registered SEC investment adviser partnering with DSJ Exchange, a purported licensed and secure crypto trading platform. The SEC alleges the defendants created the appearance of being legitimate by submitting false filings that were publicly viewable and shared with investors as supposed proof that the SEC had licensed or approved them.
“They further sustained the ruse by displaying fake certificates with the SEC’s seal and making periodic payments to certain investors – a Ponzi-like tactic – while misappropriating the remaining funds,” Laura D’Allaird, SEC Enforcement Division’s Cyber and Emerging Technologies Unit chief, said.