SEC Charges BG Wealth and DSJ Exchange Over Alleged $130M Crypto Scheme

TL;DR: The SEC alleges BG Wealth and DSJ Exchange raised more than $130 million using false filings and trading claims. The civil complaint is an allegation, not a final judgment. The US Securities and Exchange Commission has brought a civil case against BG Wealth Sharing and DSJ Exchange, alleging that the businesses used official-looking filings to help sell an investment program built around purported crypto trading signals. An October 30 litigation release details the complaint filed on October 29. The case puts a familiar distinction at its center: appearing in a government database does not mean a regulator has approved an investment. What the SEC alleges According to the SEC’s litigation release, the defendants raised more than $130 million from tens of thousands of retail investors. The regulator alleges that false Form ADV and Form D filings were presented as evidence of legitimacy, alongside promises of extraordinary, risk-free trading returns. The SEC says neither entity was registered with it. It is seeking remedies including injunctions, disgorgement and civil penalties. The disputed filings have been removed from the Commission’s website, according to the release. The...