Salt Lake City, Utah – June 6, 2026
The Utah Department of Commerce’s Division of Securities (UT-SEC) has issued an emergency cease and desist order against BG Wealth Sharing. The action targets a cryptocurrency multi-level marketing (MLM) Ponzi scheme accused of defrauding investors across Utah and internationally.
Emergency Cease and Desist Order
On June 1, 2026, UT-SEC ordered BG Wealth Sharing and its related entities to immediately stop all investment activities in Utah. This follows a prior securities fraud warning issued on May 10, 2026.
The Division states that the respondents engaged in deceptive practices that violate the Utah Uniform Securities Act. It describes the scheme as a serious and ongoing threat to investors.
Named Respondents
UT-SEC named six respondents in the order:
- BG Wealth Sharing LTD
- BG Wealth Sharing LTD. Liability Company
- DSJ Exchange PTY LTD
- HQI Exchange
- Richard Chea
- Sumana Chea
Allegations of Fraud
Authorities allege the group operated a large-scale crypto MLM Ponzi and advance-fee scam. They used fake guarantees of daily returns, bogus trading signals, and false regulatory claims to attract victims.
The scheme featured rapidly changing websites to evade detection. It also included predatory tactics such as account lockouts and extra “fees” to release funds.
Fake Spokesperson and Tactics
BG Wealth Sharing used an AI-generated avatar of “Professor Stephen Beard,” presented as a former IMF official. UT-SEC found no evidence of any such person working at the IMF.
The company displayed fake SEC certificates and used misleading marketing materials. Respondents also hosted large live events in Utah to recruit new investors.
Role of Richard and Sumana Chea
Richard and Sumana Chea, a married couple based in Utah, acted as local promoters and managers. Richard Chea served as the registered agent for the Utah LLC.
The couple organized events in Salt Lake City, operated an “investor center,” and distributed promotional brochures. They continued these activities even after receiving official warnings.
Scheme Collapses and Reboots
The original BG Wealth Sharing platform collapsed in late April 2026, followed by a “fake taxes” exit scam. It then relaunched as HQI Exchange with new upfront fees, only to disable withdrawals on May 31, 2026.
US authorities have linked the operation to a $150 million Ponzi scheme. A joint operation earlier seized $41.5 million connected to the fraud.
Current Status and Warnings
UT-SEC has ordered the respondents to stop all solicitation, marketing, and contact with investors. Violations can result in third-degree felony charges.
Richard Chea responded to the order, stating he has discontinued the activities without admitting wrongdoing. The investigation remains active.
This case highlights the risks of “click a button” app Ponzis targeting US residents. Investors are urged to avoid similar unregulated crypto schemes.
