Ottawa Man Claims BG Wealth Defrauded Him of $30,000, Speaks Out to Warn Others
Craig Dunkerley of BG Wealth Group is accused by an Ottawa man of failing to repay a $30,000 loan, with the investor warning others of what he describes as false promises of guaranteed returns.
An Ottawa man who says BG Wealth Group defrauded him of $30,000 is speaking out to warn others, alleging that company operators Craig Dunkerley and Claudia Harvey lured investors with false promises of guaranteed returns.
In recent years, BG Wealth Group heavily promoted its real estate investments in Owen Sound, boasting opportunities for double-digit returns. The company acquired several properties in the city, advertising to investors that rents would be increased and building values improved. Case studies published on their website highlighted significant rental revenue increases, such as claims of raising annual income from $28,800 to $187,692 for a property on 2nd Avenue East.
However, the cracks began to show early in 2024, when The Owen Sound Current reported that one of BG Wealth’s buildings had a tax lien registered by the City of Owen Sound.
In November 2024, several BG Wealth companies tied to Owen Sound properties were placed into receivership by the Ontario Superior Court after defaulting on millions in debt. Commercial and residential buildings on 2nd Avenue East were seized to recover unpaid loans.
It was against this backdrop that Rishabh Sethi, an Ottawa-area investor, found himself unable to recoup the $30,000 he had invested in BG Wealth’s Private Lending Program.
In an interview with The Owen Sound Current, Sethi detailed his experience with the couple, which began in 2022 when he was introduced to BG Wealth by a family friend. After several months of reviewing their promotional materials, he decided to invest in May 2023.
Sethi said he was convinced after a video call with Dunkerley, during which the businessman explained how the program worked and assured him the funds would be invested in commercial real estate.
“It was sort of a GIC sort of thing that he promised… my wife told me it’s something very catchy, we shouldn’t be going for it,” Sethi said, reflecting on the red flags he ignored.
“They had graphs and everything of how your investment grows,” he added. “He told me for the one-year, the banks are giving 2%, but we’re going to give 14 or 16%.”
Besides, he said, that friend who had invested earlier was getting returns every month. “Maybe I became a little bit jealous of my friend when he was like, ‘I get 10% or 15% ROI… why are you sitting at 4%?’” Sethi said.
The agreement, dated May 5, 2023, was formalized through a promissory note that appears to be signed electronically by Dunkerley using DocuSign. The note states BGRE Capital Corporation had received $30,000 from Sethi, and would pay 10% interest for the first quarter and 16% for the remaining three quarters, payable at the end of one year.
Red Flags and Payment Delays
Not long into the loan term, Sethi says he requested a statement of his account. What he saw raised immediate questions.
“Once they sent it to me, it was the S&P 500 index or some sort of ETF,” Sethi explained. “He promised that he was investing in commercial real estate, then I saw my money was in U.S. indices or exchanges. That doesn’t make sense to me.”
Sethi had initially opted for the lump-sum payment option, which would have delivered his interest and principal after one year. However, his concerns prompted him to request a switch to monthly interest payments.
“For two months, he gave me the interest, and after that, he halted,” Sethi said. “And at that point, in October, he halted for every single investor.”
Though Dunkerley has repeatedly declined to be interviewed, he emailed The Owen Sound Current a statement in November 2024, after we reported one of his Owen Sound properties was ordered sold by the municipality for unpaid property taxes.
Dunkerley confirmed that he had stopped monthly distributions in November 2023. “As you may be aware, the real estate market took a significant downturn in 2021 and is only seeing signs of positive movement again,” he wrote.
Despite what he characterized as cash flow issues, Dunkerley said he was communicating with investors through personal meetings, calls, emails, and weekly updates.
“We stay the course and manage our business and properties, and our investors will be paid back their investment,” Dunkerley promised.
According to Sethi, that is not the case—even when the loan term ended.
Failed Efforts to Recover Funds
Sethi’s one-year loan matured in May 2024, at which point he expected to receive his $30,000 principal and promised returns. However, no payment was made.
“Even before May, I started emailing them that my investment was about to mature. Please help me, let me know how the redemption will take place,” Sethi said. After multiple attempts, a staff member sent him a redemption form to fill out, but no payment followed.
“I waited for that day—May 5th or May 8th—and nothing came,” Sethi said. “I sent them emails, sort of politely threatening, every single thing. It continued for three or four months. A couple of times, Craig emailed me back saying that he’s working on it, just to reassure me and calm me down.”
In August 2024, Sethi had a video call with Dunkerley. “I told him, ‘Craig, I know you’re running this scam or whatever. At this point, I’m very familiar with it because I’ve done my due diligence and spoken with other investors. I don’t care about the interest—take it. Just return my principal back to me.’”
Despite Dunkerley’s promise to resolve the issue, Sethi said no funds were returned.
Multiple Investor Complaints
Documents and emails provided to The Owen Sound Current suggest Sethi’s experience is not unique. Records indicate Dunkerley continued soliciting new investments even as he failed to meet obligations to existing investors. Multiple investors have characterized their dealings with BG Wealth as a Ponzi scheme, though many are afraid to speak out publicly in case it jeopardizes attempts at recouping their losses.
Sethi’s promissory note is linked to BGRE Capital Corporation, a company registered to a Toronto address with Dunkerley listed as the sole director. The company remains active, according to government records.
BG Wealth’s website, as of January 28, 2025, continues to advertise its Private Lending Program, promising returns of “up to 16% annually, compounded.”
Despite his best efforts, Sethi said, he is uncertain he will ever be repaid. “I’ve tried everything—complaints to the Better Business Bureau, the Ontario Securities Commission (OSC), and even filing a small claims court case,” Sethi said, noting that his legal efforts have stalled due to jurisdictional and procedural challenges.
He also alleges that Dunkerley has avoided accountability by moving offices and homes, stating that a process server found one of Dunkerley’s properties had recently been sold.
Sethi expressed his frustration, describing the ordeal as emotionally and financially draining. “I’ve spoken with other BG Wealth investors, some of whom have lost their entire retirement savings,” he said. “It’s heartbreaking.”
He hopes that by sharing his story, others will approach investment opportunities like this with caution. “No one can guarantee you wealth except through hard work and proper research,” Sethi said.
The Owen Sound Current reached out to Craig Dunkerley on January 20, 2025, regarding this specific investor’s complaints and payment delays. He did not respond.
“The Ontario Securities Commission has the authority to impose criminal charges,” Sethi said. “I just hope they take action.”
The Ontario Securities Commission has not confirmed whether they are investigating claims against BG Wealth Group, though several investors tell us they have filed reports. An OSC representative told us, “As a general policy, the OSC does not confirm or deny the existence, status or nature of any potential investigation.” They added that they welcome reports from the public, and shared the link to the OSC Contact Centre web page.
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This has all the makings of a tv series-
Great coverage OS Current 😎👍