BG Wealth Sharing has received a securities fraud cease and desist order from the Texas State Securities Board (TSSB).

TSSB’s BG Wealth Sharing order was filed on June 3rd and names five respondents:

  1. BG Wealth Sharing – “click a button” app Ponzi run by Chinese scammers hiding in Cambodia
  2. DSJ Exchange PTY LTD – fake crypto exchange created by BG Wealth Sharing scammers
  3. Thaddious Thomas – BG Wealth Sharing promoter based out of Texas
  4. BG Wealth Texas – Texas corporation registered by Thaddious Thomas
  5. Gagandeep Sarkaria (aka Gagan Sarkaria) – BG Wealth Sharing promoter based out of Texas

Following an internal investigation, TSSB claims BG Wealth Sharing and its promoters

are engaging in illegal, fraudulent, deceptive, and/or misleading practices in connection with the offer for sale of securities to Texas residents.

TSSB notes communication between the BG Wealth Sharing and investors primarily takes place through BonChat, a Chinese messaging app. Telegram is another commonly used messaging platform used by scammers.

The Ponzi side of BG Wealth Sharing follows the “click a button” app foruma; investors downloaded an app, invested tether and then “clicked a button” to qualify for a daily return. BehindMLM has been documenting this specific type of fraud since 2021.

BG Wealth Sharing’s Ponzi ruse was trading signals, which ties into its fake DSJ Exchange platform.

As part of efforts to deceive consumers, BG Wealth Sharing misrepresented regulatory compliance to its investors. This saw BG Wealth Sharing file a Form D with the SEC, register a shell company with FinCEN and obtain an MSB license.

These further acts of fraud were noted by the TSSB;

On or about August 15, 2025, Respondent BG Wealth made an Exempt Reporting Adviser filing with the Securities and Exchange Commission.

Exempt Reporting Adviser filings do not constitute approval, endorsement, registration, or licensure by the Securities and Exchange Commission.

Respondents nevertheless use the filing to create the false impression that Respondent BG Wealth is approved, licensed, regulated, or otherwise endorsed by the United States Government.

Respondent DSJ also uses a falsified certificate claiming registration as a dealer and investment adviser and licensed by the Securities and Exchange Commission.

Respondent DSJ filed a Money Services Business registration with the Financial Crimes Enforcement Network (FinCEN) on or about May 12, 2024.

Money Services Business registrations do not constitute approval, endorsement, examination, or verification of legitimacy by FinCEN.

Respondents nevertheless use the Money Services Business registration to persuade investors that Respondent DSJ and Respondent BG Wealth are legitimate and government-regulated.

Respondent DSJ also filed a Form D with the Securities and Exchange Commission claiming reliance on Rule 506(c) of Regulation D.

Rule 506(c) does not authorize the operation of a cryptocurrency exchange, guarantee compliance with state securities laws, or constitute governmental approval of Respondents’ activities.

Respondents use these filings and representations to mislead investors into believing Respondents were lawfully operating and regulated by governmental authorities.

SEC Form D filings, FinCEN registration and MSB license certificates are a common tactic used by scammers to defraud consumers.

Earlier today BehindMLM reported on scammers behind Polar Tensor using the FinCEN/MSB ruse, in response to recent fraud warnings issued by Canadian authorities.

Specific to Thaddious Thomas promoting BG Wealth Sharing in Texas, TSSB writes;

Respondent Thomas formed Respondent BG Wealth Texas in connection with the promotion of Respondent BG Wealth’s investment program in Texas.

Respondent Thomas is using BG Wealth Texas to obtain occupancy authorization for a physical location in Pearland, Texas where presentations and promotional meetings will be conducted for prospective investors.

Specific to Gagan Sarkaria;

Respondent Sarkaria conducts in-person promotional events in Texas for the purpose of recruiting new investors into Respondent BG Wealth.

Respondent Sarkaria also has participated in online promotional presentations directed at prospective investors.

During one such presentation, Respondent Sarkaria referenced Respondent DSJ’s FinCEN Money Services Business filing in an effort to persuade prospective investors that Respondents are legitimate and regulated.

The original iteration of BG Wealth Sharing collapsed in late April 2026. Pending further action from authorities, BG Wealth Sharing investors, most of whom are victims who lost money, are were then subject to a “fake taxes” exit-scam.

After the “fake taxes” exit-scam, BG Wealth Sharing demanded an additional $1000 from each investor. The fee was announced and then dropped within 48 hours.

This prompted the launch of HQI Exchange, a reboot with an upfront $100 entry fee. HQI Exchange collapsed by disabling withdrawals on May 31st.

TSSB notes HQI Exchange in its cease and desist order;

Respondents later directed investors to transfer accounts from Respondent DSJ to another purported exchange identified as HQIEX.

Respondent BG Wealth claimed all claims of fraud were the fault of Respondent DSJ so Respondent BG Wealth decided to switch exchange services.

HQI Exchange collapsed in late May 2026.

Thaddious Thomas began deleting his BG Wealth Sharing marketing around the time it collapsed in late April.

Gagan Sarkaria did the same, even going so far as to threaten legal action over reporting of her fraud.

Sarkaria disappeared after addressing BG Wealth Sharing’s collapse on May 8th.

How much Thomas and Sarkarian stole through BG Wealth Sharing before it collapsed remains unclear.

Having confirmed securities fraud taking place in Texas, TSSB has ordered BG Wealth Sharing, Thaddious Thomas and GaganDeep Sarkaria to

Immediately CEASE AND DESIST from offering for sale any security in Texas until the security is registered with the Securities Commissioner or is offered for sale pursuant to an exemption from registration under the Texas Securities Act.

Immediately CEASE AND DESIST from acting as securities dealers, agents, investment advisers, or investment adviser representatives in Texas until they are registered with the Securities Commissioner or are acting pursuant to an exemption from registration under the Texas Securities Act.

Immediately CEASE AND DESIST from engaging in any fraud in connection with the offer for sale of any security in Texas.

Immediately CEASE AND DESIST from offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public.

BG Wealth Sharing, Thomas and Sarkaria have thirty-one days to contest TSSB’s order.