Regulatory Alerts2026-04-27
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Individual Falsely Posing as a Licensed Investment Adviser Representative
The California Department of Financial Protection and Innovation warns consumers that an imposter is falsely posing as licensed Investment Adviser representative Douglas Boneparth to solicit cryptocurrency investments. The fraudster contacts victims via text, Telegram, and WhatsApp, urging them to open accounts on Uphold and Equator, despite neither the individual nor his firm, Bone Fide Wealth, LLC, endorsing these platforms or conducting business through messaging apps. Investors are urged to exercise extreme caution, verify any financial provider's California licensing status at dfpi.ca.gov or by calling 1-866-275-2677, and report suspected fraud immediately.
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April 27, 2026
The California Department of Financial Protection and Innovation (DFPI) has received information that an individual is contacting consumers through text messages and messaging platforms, such as Telegram and WhatsApp, while falsely claiming to be Douglas Boneparth, a licensed Investment Adviser representative. This individual, under false pretenses, attempts to persuade consumers to open accounts on the financial services platforms Uphold and Equator to invest in cryptocurrencies.
The imposter may be falsely presenting themself as Douglas Boneparth, a New York–Registered Investment Adviser representative (CRD# 4790408) associated with Bone Fide Wealth, LLC (CRD# 301066), a Registered Investment Adviser firm headquartered in New York. Neither Bone Fide Wealth, LLC or Douglas Boneparth recommends using the financial services platforms Uphold or Equator to trade cryptocurrencies, nor do they conduct advisory business through the messaging platforms Telegram or WhatsApp.
DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To verify whether an investment or financial service provider is licensed in California, or to submit a complaint , visit dfpi.ca.gov or call 1-866-275-2677.