BG Wealth Group Hit with Cease Trade Order as OSC Investigates Alleged Violations
The Ontario Securities Commission has issued a Temporary Cease Trade Order (TCTO) against BG Wealth Group, its principals, Craig Dunkerley and Claudia Harvey, and multiple affiliated companies.
The Ontario Securities Commission (OSC) has issued a Temporary Cease Trade Order (TCTO) against BG Wealth Group, along with its principals, Craig Dunkerley and Claudia Harvey, citing concerns over possible breaches of securities law. The order extends to multiple affiliated companies operated by the pair.
The OSC is investigating potential unregistered trading and illegal distributions by BG Wealth Group and its associated entities. Despite selling investments in Owen Sound real estate over the past several years, none of the companies or individuals named in the order are registered with the OSC.
In a statement released February 6, 2025, the OSC says of the pair and their many companies: “They are not authorized to offer trading in securities to anyone in Ontario.”
Cease Trade Order Scope and Investor Warning
According to that statement, the TCTO prohibits any further trading in securities by the following entities linked to BG Wealth Group:
BGRE Capital Corporation
BG Wealth Group Inc.
BG Wealth Group Growth Fund LP
BG Wealth Holdings Corporation
BG Wealth GP Inc.
BG Wealth Properties Inc.
BG Property Holdings Inc.
Blackthorn Investment Group Inc.
The OSC has urged Ontario investors to exercise caution and check the registration status of anyone offering investment opportunities.
Investors who have been approached by BG Wealth Group, Dunkerley, or Harvey are encouraged to contact the OSC Inquiries and Contact Centre at 1-877-785-1555 or inquiries@osc.gov.on.ca.
Background: Investor Complaints and Financial Troubles
The cease trade order follows a series of financial and legal issues involving BG Wealth Group, including investor complaints, unpaid property taxes, and court-ordered receiverships.
Ottawa Investor Alleges Fraud
One investor, Rishabh Sethi, an Ottawa resident, claims that BG Wealth Group failed to repay a $30,000 investment made in May 2023. He alleges he was misled by promises of guaranteed returns up to 16%, only to find his money was not invested as described.
Sethi initially received some interest payments but says they stopped in October 2023, leaving him unable to recover his principal. Despite multiple requests, no funds have been returned. His complaints align with similar allegations made by other BG Wealth investors, some of whom fear speaking publicly due to concerns about jeopardizing repayment.
BG Wealth Group Faces Over $286,000 in Unpaid Property Taxes
In addition to investor complaints, property tax records reveal that BG Wealth Group owes over $286,000 to the City of Owen Sound across five properties. The company stopped making tax payments in 2023, and some properties have arrears dating back to 2021.
In November 2024, several BG Wealth-owned companies were placed into receivership by the Ontario Superior Court after defaulting on millions in debt, leading to the seizure of commercial and residential buildings in Owen Sound.
The pair were also the subject of a recent episode of The Canadian Real Estate Show with Darryl Frankfort and TK Butler, who interviewed Miranda Miller of The Owen Sound Current and two alleged victims of BG Wealth Group’s Owen Sound properties investment scheme.
Dunkerley and Harvey’s Response
Craig Dunkerley has not publicly addressed the OSC’s investigation. We have reached out to Dunkerley and Harvey several times requesting an interview, which they have not agreed to do.
However, in a previous statement to The Owen Sound Current, he attributed financial difficulties to market downturns, tenant issues, and economic challenges. Despite claims that BG Wealth is working to repay investors, no evidence of ongoing repayments has been provided.
Dunkerley and Harvey have a history of business ventures together, including Dig It Apparel, which filed for bankruptcy in April 2024 with over $6 million in unsecured debts.
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