The alleged operator of the collapsed BG Wealth Sharing scheme—linked by authorities to a fabricated “Professor” persona—has appeared to acknowledge its demise for the first time, posting a series of farewell messages before communication channels fell silent.
Regulators have not confirmed a total recovery figure, but on‑chain analysis indicates the scheme may have involved around $150 million, with at least $41.5 million seized as it collapsed.
Driven by multilevel marketing tactics, the scheme stripped victims of significant sums, culminating in a final “12% tax” on fictitious account balances—an advance‑fee trap that left users locked out entirely.
Despite prior warnings from authorities and international media coverage, including Kaniva News, some Tongan participants continued promoting the BG scheme on social media, firmly rejecting concerns it was a Ponzi-style cryptocurrency scam.
Even days after US authorities announced the seizure of BG’s website domain, some Tongan promoters continued to circulate a purported registration document on social media, claiming it proved the scheme’s legitimacy in Colorado. The Washington State Department of Financial Institutions had previously discredited the document.
Farewell Message Signals Collapse
In a screenshot of messages allegedly posted via BonChat, Professor Stephen Beard shared a pinned message stating, “This isn’t the end of the meeting. It’s goodbye.”
The remark signalled a stark shift in tone, coming after months of assurances that the platform was legitimate and not a scam.
A BG Wealth Sharing participant and promoter who shared the screenshot with Kaniva News said this was the first time Mr Beard admitted the scheme was a scam.
“It is over—no more,” the participant, who we chose not to name, said.
In earlier posts shared in the same group chat, Beard suggested the separation was final, writing: “Although I’m very reluctant to part with everyone, this is where we are going. If fate allows, we will meet again.”
He also urged members to “keep warm, and don’t catch a cold,” in what many have interpreted as a parting message to followers.
The comments have been taken by victims as a clear acknowledgement that the scheme has come to an end, contradicting his repeated denials amid growing scrutiny before its collapse.
The participant estimated that around 900,000 people worldwide may have been involved in the scam.
Fabricated Professor Claim Exposed
One of the key claims used by Tongan promoters to attract participants was that the scheme was legitimate because it was supposedly overseen by a professor.
However, authorities have stated that “Professor Stephen Beard” is a fabricated persona used as the face of a large international cryptocurrency Ponzi and pyramid scheme.
Some regulators have described him as a “fake CEO” and a self‑proclaimed professor with no verified identity or credentials
The character is believed to have been created using AI or portrayed by an actor following scripts.
Multiple regulators, including the US Securities and Exchange Commission (SEC), issued cease‑and‑desist orders against the operation after the platform ultimately collapsed.
