A scheme operating under the controversial BG Wealth Sharing brand is now under investigation by the New Zealand Commerce Commission, following concerns that it is being promoted from a base in Wellington.
Originally called TXEX, the scheme has resurfaced under several new names—UICEX, CR GLOBAL, Signal Trader, BG Wealth Sharing Group, and DSJ EX—according to the Commission.
The news comes as Tongan authorities warn that overseas promoters of the BG Wealth Sharing scheme who have recently arrived in the kingdom are acting illegally, as the scheme is prohibited in Tonga.
The Commission says it is still too early to determine whether TXEX constitutes a pyramid scheme, but has reiterated the Financial Markets Authority’s warning issued last August.
In that warning, the Authority described a network of group chats and fake investment platforms linked to a high‑risk Ponzi‑style scam first flagged under the name TXEX.
The scheme encourages people to invest in cryptocurrency investment trading platforms, and they are informed that they will receive a significant return on investment.
“Schemes present themselves in different forms, with different investment requirements and methods of promotion. These schemes entice people by promising high returns quickly and an opportunity to create ongoing wealth, which is typical of these scams,” says Commission Deputy Chair Anne Callinan.
The Commission did not identify the ethnicity of individuals involved in the Wellington campaign.
Regulators Unite Against BG
New Zealand has now joined Tonga, Australia, the UK and the US in warning that BG Wealth Sharing is a scam, with New Zealand’s Financial Market Authority previously listing “813 websites and 30 entities which have been linked to this investment scam as they were found to be duplicates.”
As Kaniva News recently reported, Tonga Police warned the public last month against participating in the scheme, saying it is prohibited in the kingdom following an earlier public warning from the central bank.
The development comes after Kaniva News previously reported that several promoters of the BG scheme had travelled to Tonga and organised a meeting in Haʻateiho.
Footage provided to Kaniva News and corroborated by witnesses confirms that the Haʻateiho meeting proceeded and that promoters were planning further gatherings in the Hahake (eastern) district.
Dr Fotu Fisiʻiahi, chief executive of the Ministry of Public Enterprises and a resident of Niutōua, issued a warning to the district not to participate in the scheme.
He later told us he had received reliable information that a BG campaign meeting had also taken place in Niutōua, adding that it was his responsibility to advise his people to avoid potential harm.
