Hawaii Authorities Order Crypto Investment Company to Stop Operating After Millionaire Promises Turned Into Alleged Scam

[chainsniff]

Hawaii's Department of Commerce and Consumer Affairs has issued a preliminary Cease and Desist Order against BG Wealth Sharing, LTD and two individuals accused of soliciting unregistered investments tied to cryptocurrency across the islands. The state alleges the company held presentations promising extraordinary returns, including claims that anyone could become a millionaire in 11 months, and offered rewards for recruiting new participants. One investor who asked not to be identified said she got involved after a family member introduced her to the opportunity, investing $1,000 herself while others around her put in anywhere from $5,000 to upwards of $50,000 based on the same promises of daily growth and financial security.

The state's order is administrative rather than criminal, demanding the company cease offering or selling investments in Hawaii and seeking $150,000 in penalties. The BG Wealth Sharing website now appears seized, and federal authorities including the FBI have reportedly become involved in the case. Hawaii's state Securities Enforcement Branch has urged anyone who invested in or was solicited by BG Wealth Sharing to contact its Scam Line or file a complaint with the FBI's Internet Crime Complaint Center. The local operators named in the Cease and Desist order had not responded to requests for comment at the time of reporting.

[tradelikepro]

$150K penalty ceiling being modest relative to potential investor losses suggesting administrative action

[tradelikepro]

as first step not final resolution

[Patapim]

“Become a millionaire in 11 months” already sounds like a red flag

[BrutalAge*gofast]

Crypto scams really love beach locations for some reason

[The_Walking_Dead]

Recruitment rewards always expose the scheme eventually.

[Capybara_Capybara]

Every bull run creates a new generation of scammers

[bred]

The tropical background makes this feel even more suspicious.

[Suzukispeedtest]

Financial freedom presentations ruining families again

[CoffeeZombie]

Guaranteed returns should instantly scare people honestly.

[339052cc03]

Fbi involvement means things got serious fast.

[Revenant]

The “daily growth” promise gets people every time

[febe3f2e35]

Scams always sound smartest during euphoric markets.

[0c4535c1a0]

One family member invite and suddenly everyone invested

[d82ae58262]

The internet made pyramid schemes global unfortunately.

[9777089235]

“Passive income” destroying active savings once again

[059d96d16a]

Regulators always arrive after the damage is done.

[ChewBeast]

If becoming rich was guaranteed nobody would recruit strangers