The Utah Division of Securities in the United States has urged the public to exercise extreme caution when approached with any investment or business opportunity connected to the BG Wealth Sharing Ltd scheme or its affiliated platform, DSJ Exchange.
The Division’s March 10 alert was issued just two days before the New Zealand Commerce Commission announced it was investigating TXEX — an investment scheme that has since resurfaced under new names, including BG Wealth Sharing.
The Utah Department of Commerce is the state’s main regulator for securities, licensing, and investor protection through its Division of Securities, but it is not the sole authority overseeing all types of investments.
Coincidentally, Prime Minister Lord Fakafanua, who is also the Minister of Police, also confirmed in a recent livestream that BG Wealth Sharing Ltd is prohibited in Tonga, echoing earlier warnings issued by the National Reserve Bank of Tonga and the police.
The Utah Division warning follows a separate warning released by Canadian authorities, but Utah officials stress that their notice is based on concerns relevant to U.S. investors.
According to the Division, individuals have reported being approached about cryptocurrency‑related opportunities tied to BG Wealth Sharing LTD, prompting regulators to advise the public to verify a company’s legitimacy before handing over any funds.
To help protect consumers, the Division is directing potential investors to trusted regulatory tools, including the California Division of Financial Protection and Innovation Crypto Scam Tracker and the British Columbia Investment Caution List.
Both databases track entities associated with complaints, suspected scams, or regulatory action, and are updated regularly to help the public identify high‑risk or fraudulent ventures.
Officials also emphasised the importance of using the Utah Division of Securities’ own resources, which include guidance on identifying suspicious investment structures, recognising high‑pressure sales tactics, and reporting potential scams.
The Division clarified that the warning applies exclusively to BG Wealth Sharing LTD and its associated DSJ Exchange platform.
It does not affect or refer to any other companies that may use similar names such as “BG Wealth” or “Wealth Sharing.”
Regulators are reminding the public that cryptocurrency investments remain a high‑risk area where fraudsters frequently operate. Anyone contacted by representatives of BG Wealth Sharing LTD is urged to research the entity thoroughly, confirm its regulatory status, and report any suspicious activity to securities authorities.
Fresh Warning for Tongans
The Utah warning carries particular weight because the state is home to the largest Tongan population in the United States. The scheme has reportedly gained strong traction among Tongans across the US, New Zealand and Australia.
Critics say it reflects a recurring pattern in which parts of the community fall victim to investment scams, despite recent pyramid‑scheme collapses that left many families penniless and resulted in promoters facing court proceedings in both New Zealand and the United States.
Two notorious scams — Validus, which collapsed with an estimated US$200 million in losses, and Hyperfund, also known as Hyperverse, which collapsed with an estimated US$1.8 billion in stolen funds — were heavily promoted among Tongans using slogans and enticing promises of high returns from small deposits. Both schemes ultimately failed, leaving many Tongan investors unable to withdraw their money as promised.
The Utah warning comes as similar investigations and alerts have also been issued by the National Reserve Bank of Tonga, New Zealand’s Financial Markets Authority and Commerce Commission, Australia’s Securities and Investments Commission (ASIC), Canada’s Alberta Securities Commission, and the UK’s Financial Conduct Authority, all targeting BG Wealth Sharing Ltd.
