SEC charges two firms in $130 million scheme using false filings

The SEC charged BG Wealth Sharing Ltd and DSJ Exchange Pty Ltd with raising over $130 million from tens of thousands of retail investors between October 2025 and June 2026. The firms allegedly filed false Form ADV and Form D documents and presented them as proof of SEC registration and licensing.

• The scheme reached investors in more than 40 US states
• Firms posed as the world's largest hedge fund and a licensed crypto platform
• SEC seeks injunctions, disgorgement and civil penalties
• Case is pending in the Northern District of California