Blab Crypto
Oklahoma Securities Department Issues Warning Against BG Wealth Sharing, DSJ and HQI Crypto Platforms
On June 16, 2026, the Oklahoma Department of Securities (ODS) released a public warning urging residents to halt any financial dealings with three cryptocurrency entities: BG Wealth Sharing Ltd, DSJ Exchange PTY Ltd, and HQI Exchange. The agency alleges the operation constitutes a fraud scheme that lures investors with fabricated returns, referral bonuses, and private‑messaging channels.
The ODS confirmed that none of the three companies are registered to conduct business in Oklahoma. According to the department, the platforms promoted themselves as the “world’s largest hedge fund,” using multiple web domains that were recreated after earlier versions were taken down. This strategy, the ODS says, was designed to give a veneer of legitimacy while remaining outside regulatory oversight.
Recruitment tactics reportedly included social‑media posts and referral incentives. A key figure identified by the department is a self‑described professor named Stephen Beard, who allegedly distributed daily trading signals via private messaging services such as Bonchat and Telegram. These channels were used to create the impression of active trading activity while keeping communication off mainstream financial platforms.
The warning notes that the scheme promised “zero‑risk” returns. After investors claimed to have earned profits, they were asked to pay additional fees—marketed as taxes, commissions, or verification costs—before they could withdraw funds. The ODS observed that some users still could not access their balances after paying these charges, a pattern common in crypto‑fraud cases where withdrawals are blocked unless more money is sent.
This advisory follows similar actions by other state regulators. Washington, Hawaii and Utah have already issued cease‑and‑desist orders against BG Wealth and DSJ. The ODS added that the platforms falsely claimed to be licensed by the U.S. Securities and Exchange Commission. Related fraud patterns have emerged in other cases involving fake exchanges and private‑messaging groups, and BG Wealth has been linked to a seized domain after complaints about blocked withdrawals.
The department also cautioned that recovery companies demanding upfront fees may represent another layer of cryptocurrency fraud aimed at victims who have already lost funds. Investors who have sent money to the three platforms are advised to stop immediately, preserve all records—including screenshots, account pages and transaction histories—and file a complaint with the ODS.
At present, the platforms remain unregistered and the allegations of fraud have not been adjudicated. The ODS continues to monitor the situation and urges affected users to keep detailed records that could assist investigators. Key unresolved questions include the outcome of ongoing investigations, potential civil enforcement actions, and whether the recovery companies are legitimate or part of the fraud scheme.
The ODS confirmed that none of the three companies are registered to conduct business in Oklahoma. According to the department, the platforms promoted themselves as the “world’s largest hedge fund,” using multiple web domains that were recreated after earlier versions were taken down. This strategy, the ODS says, was designed to give a veneer of legitimacy while remaining outside regulatory oversight.
Recruitment tactics reportedly included social‑media posts and referral incentives. A key figure identified by the department is a self‑described professor named Stephen Beard, who allegedly distributed daily trading signals via private messaging services such as Bonchat and Telegram. These channels were used to create the impression of active trading activity while keeping communication off mainstream financial platforms.
The warning notes that the scheme promised “zero‑risk” returns. After investors claimed to have earned profits, they were asked to pay additional fees—marketed as taxes, commissions, or verification costs—before they could withdraw funds. The ODS observed that some users still could not access their balances after paying these charges, a pattern common in crypto‑fraud cases where withdrawals are blocked unless more money is sent.
This advisory follows similar actions by other state regulators. Washington, Hawaii and Utah have already issued cease‑and‑desist orders against BG Wealth and DSJ. The ODS added that the platforms falsely claimed to be licensed by the U.S. Securities and Exchange Commission. Related fraud patterns have emerged in other cases involving fake exchanges and private‑messaging groups, and BG Wealth has been linked to a seized domain after complaints about blocked withdrawals.
The department also cautioned that recovery companies demanding upfront fees may represent another layer of cryptocurrency fraud aimed at victims who have already lost funds. Investors who have sent money to the three platforms are advised to stop immediately, preserve all records—including screenshots, account pages and transaction histories—and file a complaint with the ODS.
At present, the platforms remain unregistered and the allegations of fraud have not been adjudicated. The ODS continues to monitor the situation and urges affected users to keep detailed records that could assist investigators. Key unresolved questions include the outcome of ongoing investigations, potential civil enforcement actions, and whether the recovery companies are legitimate or part of the fraud scheme.
