Oklahoma securities regulators warned investors to stop sending funds to BG Wealth Sharing Ltd, DSJ Exchange PTY Ltd and HQI Exchange, saying the entities are tied to a suspected crypto fraud scheme. The Oklahoma Department of Securities said the three firms are not registered in the state and may be targeting Oklahoma residents.
State regulators urge investors to preserve account records
The department told anyone who has already sent money to the platforms to stop immediately and keep all available evidence, including screenshots, account pages and transaction histories. Affected investors were also instructed to file a complaint with the Oklahoma Department of Securities so investigators can review the case.
According to the warning, BG Wealth presented itself as the “world’s largest hedge fund.” Regulators said the operation allegedly used multiple web domains and launched replacement sites after earlier versions were taken down. That pattern, paired with continued solicitation, drew added scrutiny.
Recruitment allegedly ran through social media and private apps
State officials said investors were brought in through social media outreach and referral rewards. A self-described “professor” named Stephen Beard allegedly sent daily trading signals through private messaging apps such as Bonchat and Telegram. Those channels made the operation appear active and coordinated while shifting communication away from standard financial platforms.
Regulators also said the scheme promoted “zero-risk” returns. Later, when investors tried to withdraw funds, they were reportedly told to pay extra charges first. The fees were described as taxes, commissions or verification costs. Even after paying, some investors still could not access their money.
Fake profits and withdrawal barriers fit a familiar pattern
The department said that pattern matches a common crypto fraud setup: victims are shown apparent profits on a trading platform, then face repeated demands for more money before withdrawals are processed. In practice, the funds remain inaccessible. Oklahoma’s warning centered on that sequence of displayed returns, added fees and blocked withdrawals.
The notice also lines up with earlier action in other states. Regulators in Washington, Hawaii and Utah had already issued cease-and-desist orders against BG Wealth and DSJ. Authorities also said BG Wealth and DSJ falsely claimed to be licensed by the U.S. Securities and Exchange Commission.
Officials also warn about upfront-fee recovery firms
Oklahoma regulators added a second caution for victims: companies claiming they can recover lost funds may ask for upfront payments. The department said those recovery offers can be another layer of crypto fraud aimed at people who have already lost money.
For investors who sent money to BG Wealth, DSJ Exchange or HQI Exchange, the agency’s advice was direct: stop sending funds, file a complaint and retain every record connected to the account. Those materials may help investigators piece together how the scheme operated.