Sāmoa ministers pictured with crypto promoters as Pacific scam warnings grow

Questions are being raised in Sāmoa after photographs circulated online appeared to show cabinet ministers with people promoting BG Wealth, a cryptocurrency investment scheme now under public warning in several Pacific countries.

The photos, shared on social media in April, appear to show Minister of Finance Mulipola Anarosa Ale-Molioo, Minister of Health Vaaaoao Salumalo Alofipo, and Minister of Commerce, Industry and Labour Fata Ryan Schuster alongside individuals promoting the scheme.

BG Wealth has been the subject of warnings from regulators who say it shows features commonly seen in Ponzi or pyramid-style investment schemes, including promises of high returns and the recruitment of new members through online groups and presentations.

The Central Bank of Samoa (CBS) first warned the public about BG Wealth on 25 March, urging people not to invest in, promote or support it.

“This scheme encourages individuals to attend investment presentations and join online groups,” the CBS advisory stated.

The central bank told PMN News that no official approval had been given. It warned the public about how appearances can be misleading.

Photos of a BG Wealth presentation for Vaimauga College staff, as shared on social media by promoters. The presentation appears to have taken place on 21 or 22 April. Photo/Facebook

It also said neither the government nor the central bank had granted “any approval, registration, licence, or authorisation in relation to BG Wealth".

“No photograph, meeting, or public association should be interpreted as regulatory approval, licensing, or endorsement by Government or the CBS.”

PMN News questions sent to the Sāmoan government asked whether ministers knew the individuals had been promoting BG Wealth, and whether the meetings were part of official government business.

BG Wealth presentations have been delivered by promoters across Savaii, Upolu and American Samoa. Pictured are community members at a presentation in Salelologa, Savaii on 16 or 17 April. Photo/Facebook

There was also a question about whether the photographs could wrongly suggest government backing of the scheme.

BG Wealth presentations have continued in Sāmoa despite the March warning from the central bank and this includes events in Savaii and Upolu. One session was even held for secondary school teachers in the capital Apia.

It is still unclear whether these events are connected to the meetings where the cabinet ministers were photographed.

Across several Pacific countries and territories, regulators are also sounding the alarm.

Warnings about BG Wealth and similar investment platforms have now been issued in several countries and territories including New Zealand, Tonga, Hawai’i, and Nauru.

New Zealand’s Financial Markets Authority (FMA) and the National Reserve Bank of Tonga have both warned that BG Wealth forms part of a wider cryptocurrency investment operation being watched by regulators.

In Hawai’i, the Department of Commerce and Consumer Affairs issued a preliminary cease-and-desist order against BG Wealth Sharing Limited and two individuals, alleging unregistered investment activity and public presentations promoting the scheme.

In Nauru, the Financial Intelligence Unit has also warned of possible unlicensed activity linked to similar platforms.

New Zealand’s Commerce Commission said in March its interim view was that the operation did not currently meet the legal definition of a pyramid scheme but still urged caution.

The central bank of Sāmoa says it continues to monitor the situation and may refer the matter to other authorities if laws are breached, including Police and the Ministry of Commerce, Industry and Labour.

The bank also said it would not comment on possible liability or individual cases.

Questions sent to Sāmoa’s cabinet office and the government press services were not answered by the time of publication.