The US Securities and Exchange Commission (SEC) has charged two entities over an alleged $130 million investment fraud.

The defendants, BG Wealth Sharing Ltd and DSJ Exchange Pty Ltd, allegedly targeted investors across more than 40 US states.

“They further sustained the ruse by displaying fake certificates with the SEC’s seal,” SEC Cyber and Emerging Technologies Unit Chief Laura D’Allaird said in a statement.

The complaint alleges the entities promised risk-free returns from artificial intelligence-generated signals used for cryptocurrency trading.

BG Wealth allegedly submitted false Form ADV filings, while DSJ Exchange submitted false Form D filings to the SEC.

The entities allegedly presented those public filings as evidence of…