Utahns warned of suspected fraud by cryptocurrency investment firm BG Wealth Sharing

Added: 2026-05-30

[00:00:00]An investment pitch that promised big returns is now drawing big warnings from regulators around the world and many Utahns got caught up in it.

[00:00:09]>> one woman says she put in thousands of dollars here for herself, her husband, and her daughter and now fears it may all be gone. She decided to get Gephardt and Matt began investigating.

[00:00:19]>> Deanie, make the investment group in question here is called BG Wealth Sharing. We've received several tips about from people who have a lot of money tied up with them. Now, regulators call it suspected fraud. One Utah woman calls it embarrassing, confusing, and painful.

[00:00:36]>> Did you ever take money out of your wallet?

[00:00:39]>> Never.

[00:00:39]>> The woman I interviewed asked that I not use her full name or show her face.

[00:00:44]We'll call her Shan.

[00:00:46]Shan was invited to a BG Wealth Sharing event here at the Mountain America Expo Center in Sandy. It was a sales pitch.

[00:00:53]Give BG Wealth Sharing money and they would day trade your money in Bitcoin with the promise of big returns. Photos of the event show it was a big turnout and Shan says it was not exactly a quiet financial seminar.

[00:01:06]>> They gave away a Tesla, they gave away iPhone 17 Max Pro, several of them. You name it, cash.

[00:01:13]It was a pretty big to-do.

[00:01:14]>> Shan says people came from out of state.

[00:01:16]There was dinner, dancing, testimonials.

[00:01:21]And even a field trip to a West Jordan office building for a ribbon cutting of their new Utah offices.

[00:01:27]>> You felt like you were part of something big.

[00:01:29]I mean, why would you not?

[00:01:31]>> Shan says she was brought into this by somebody that she knows and she says she was pushed hard to bring in others.

[00:01:39]After several months, Shan says her online wallet showed about 15,000 bucks for her family, but then came the catch.

[00:01:46]To get the money out, she says she was told she had to pay more money, 12% out of pocket. Well, that's money she does not have.

[00:01:53]>> You can see it, you just can't touch it.

[00:01:55]>> That's when Shan asked me to investigate.

[00:01:58]The KSL investigators looked online for contact information for BG Wealth Sharing. We could not find any. So, here at the offices where they held that ribbon cutting, we found the door is locked and a handwritten note on the door says that they are waiting for West Jordan City business license approval and they thank members for their understanding. The landlord here confirmed that BG Wealth Sharing rented some space but said they could not provide us with any contact information for the company. So, the KSL investigators reached out to West Jordan City, which by email confirmed that somebody did indeed apply for a business license. And state records show BG Wealth Sharing also filed a certificate of organization with the Utah Commerce Department. There is a registered agent organizer and manager listed, Richard Shay. We made multiple attempts to contact Shay. We have not heard back.

[00:02:49]So, I reached out to state regulators, which are very familiar with the organization.

[00:02:54]>> BG Wealth um was and is an international fraud.

[00:02:58]>> [music] >> Robert Cummings is the director of Utah's Division of Securities, which has now issued an investor alert for BG Wealth Sharing Limited. There is no record of the company being registered to sell securities or provide investment advice here in the state of Utah. The company also falsely claims to be licensed by the Securities and Exchange Commission. Other states have also issued alerts as has Canada, New Zealand, Tonga, Samoa, the UK, and the Philippines.

[00:03:24]>> What advice do you have for Shahn?

[00:03:26]>> [sighs] >> That is tough.

[00:03:31]>> Cummings says that folks who gave money to BG Wealth Sharing should report it to the Utah Securities Division. Stop sending money and don't pay to unlock your account. He calls the 12% payment request a classic advance fee scam, a last squeeze after the first squeeze.

[00:03:47]How do you feel about all of this?

[00:03:50]>> Can I say pissed off?

[00:03:51]I'm pissed off.

[00:03:53]You have hard working Utahns um in a very tough economic time where [music] every single dollar matters and they're being billed for [music] um 401ks, their mortgage payments, uh money to >> [music] >> to feed their kids.

[00:04:11]>> You believed it. That's the thing is that you believed. And [music] they wanted you to share with people that you love.

[00:04:17]>> Shan says she now fears she will never get her money back.

[00:04:20]>> I wanted this because I wanted to help my family.

[00:04:25]>> This is not the end of this story.

[00:04:27]says the FBI, the DOJ, and securities regulators across the United States and Canada are now trying to track the money down. If you invested through BG Wealth Share and the Utah Division of Securities say they want to hear from you. With the story on ksltv.com, I have posted a link where you can file a report. And if you've got something you want me to investigate, let me know about it. The number 385-707-6153 or you can email me Matt at ksl.com.

[00:04:52]>> Yeah, hopefully they can track that money down. All right, Matt. Thank you.