SEC Says $130 Million Crypto Scheme Used the Agency’s Own Databases to Look Registered
By Unchained
AI summary of the source article
The SEC charged BG Wealth Sharing and DSJ Exchange for allegedly running a $130 million crypto scheme. The firms allegedly used SEC filings and fake certificates to falsely claim government approval, causing over $100 million in losses.
Key facts
- The SEC alleges BG Wealth Sharing and DSJ Exchange took in more than $130 million from over 223,000 blockchain addresses, with investor losses exceeding $100 million.
- The companies directed investors to Form ADV and Form D filings on EDGAR and displayed fake certificates to claim they were registered.
- Both companies were charged with violating federal antifraud rules, and BG Wealth was charged with violating the Investment Advisers Act.
Source excerpt · Unchained
The agency's complaint says BG Wealth and DSJ Exchange pointed investors to their own SEC filings and to fake certificates bearing its seal, then blocked withdrawals and demanded a "tax" to unlock accounts. The post SEC Says $130 Million Crypto Scheme Used the Agency’s Own Databases to Look Registered appeared first on Unchained .