Backward Hat Capital / BH Capital Fund Complex
Indianapolis, IN · Devin Allen Johnson, William Cody Harvey, Phillip "Phil" Williams · Offshore Forex Fund + Bitcoin Conduit · 8+ Serialized Fund Entities · SEC TCR Filed
§3 Smoking Gun — An Impossible Track Record at an Adjudicated-Fraud Broker
Avg. Monthly
Fraud
Entity
The wrong-entity certificate is not a clerical slip — it is the kind of tell that shows up when offering documents are assembled by substitution across an interchangeable stack of shell vehicles rather than drafted specifically for the fund being sold. Combined with the serialized entity roster (Funds III, IV, V, IX, X, and "X-5") and the fund's own welcome correspondence conflating "BH Capital Fund X-5" with "Backward Hat Capital," the documentary record indicates a complex built for substitution, not disclosure.
§4 All 11 Fraud Flags — 3A + 6B + 2C
The fund complex's only public track record — Myfxbook account #9746849, "BH Capital" — published a cumulative gain of +1,232.17%, an average MONTHLY return of 16.44%, and a maximum drawdown of 1.10%, executed through FxWinning Ltd. That combination of magnitude and smoothness does not exist in foreign-exchange trading. FxWinning froze client withdrawals February 3, 2023, ceased operations June 22, 2023, and was reduced to an adjudicated fraud by a directed verdict exceeding $114 million in September 2024 (S.D. Fla. 1:23-cv-23139).
A monthly (not annual) return in the double digits compounds to an annualized rate that dwarfs even the "Buffett-Shame Zone" — Berkshire Hathaway's ~20% ANNUAL average over 60 years. Any offering marketing monthly returns above roughly 4% should be treated with the same scrutiny as an outright guarantee.
Appendix C to the BH Capital Fund X LP Private Placement Memorandum — captioned "Certificate of Limited Partnership" — is the Indiana Secretary of State certificate for BH CAPITAL FUND IX LP (Business ID 202303221675513, filed March 22, 2023), naming "BH Capital Fund IX Management LLC" as General Partner and Phil Williams as registered agent. The issuer's foundational corporate exhibit does not match the issuer named throughout the rest of the PPM.
Combined with the serialized entity roster (Funds III, IV, V, IX, X, and "X-5") and 39+ business registrations tied to the complex per Indiana business registry search, this is documentary evidence of offering paperwork assembled by substitution across an interchangeable stack of shell vehicles, rather than entity-specific disclosure.
Christopher Miller executed a subscription for "BH Capital Fund X-5" on July 10, 2024 — seventeen months after the FxWinning freeze, roughly thirteen months after its shutdown, and after three separate merchant-cash-advance lenders had already sued the operators, with one naming the investor fund entities themselves as defendants. The subscription was accepted the same day by "Sean Johnson on behalf of Phil Williams," title "Manager" — one person signing an investor-acceptance instrument on behalf of another, with "Sean Johnson's" identity and authority never independently confirmed.
None of the broker freeze, the shutdown, the three lawsuits, or the defaults appear in any document the incoming investor received.
The Fund X PPM's Appendix E ("Business Summary") discloses the mechanics verbatim: the limited partner wires funds to the Fund's business account; the Fund "will then move the funds to the Fund's wallet and once settlement is confirmed, the Fund will buy bitcoin"; and "on the first of the month following the Limited Partner's contribution, the Fund will move bitcoin to our broker and begin trading." Withdrawals reverse through the same corporate bitcoin wallet. The broker is never named anywhere in the PPM, the Limited Partnership Agreement, or the Business Summary.
Converting every investor dollar to a bearer crypto asset before transmitting it to an unidentified counterparty defeats any conventional custody, confirmation, or audit trail — replicating exactly what an operator seeking to evade broker-dealer books-and-records and custody rules would build, regardless of whether real trading ever occurred.
Christopher Miller's Juniper Square capital account statement for "BH Capital Fund X-5" (report date October 9, 2024) shows $85,000 wired in July–August 2024, followed by reported monthly "capital gains" of $1,869.00, $5,064.53, and $6,343.41 — a smooth +15.6% in under three months with zero down months. These gains were reported more than a year after FxWinning, the only broker ever associated with the operation's track record, ceased to exist. No offering document identifies any successor broker.
| Effective Date | Contribution | Reported "Gain" | Balance |
|---|---|---|---|
| Jul 15, 2024 (Initial) | $60,000.00 | — | $60,000.00 |
| Jul 31, 2024 | — | $1,869.00 | $61,869.00 |
| Aug 15, 2024 (Additional) | $25,000.00 | — | $86,869.00 |
| Aug 31, 2024 (5.83%) | — | $5,064.53 | $91,933.53 |
| Sep 30, 2024 (6.90%) | — | $6,343.41 | $98,276.94 |
| Total | $85,000.00 | $13,276.94 | $98,276.94 |
While publishing average returns of roughly 16% per month, the operators borrowed merchant cash advances in January 2024 at a 1.61 factor rate — netting approximately $179,985 against claimed trading profits of roughly $390,000 per month — and filed UCC-1 financing statement No. 202401243152189 (Jan 24, 2024) naming twenty debtors, including the fund limited partnerships themselves, as collateral. Every obligation defaulted within roughly ninety days.
Per the Partnership Agreement and Subscription Agreement: Limited Partners "cannot remove the General Partner under any circumstance"; the GP is authorized to enter related-party transactions in its sole discretion; the subscriber "waives any right under the Securities Act or Regulation D…to receive and review an audited balance sheet" (§6(u)); the subscriber agrees to indemnify the Fund and the General Partner against "any action for securities law violations instituted by Subscriber" (§8) — a provision in direct tension with the anti-waiver command of Securities Act Section 14; both sides waive jury trial; and the GP alone may contribute property in kind, expressly including cryptocurrency.
Indiana business registry search confirms the complex extends well beyond the six named funds in the SEC TCR: Backward Hat Capital Fund LP, BH Capital Fund II/III/IV/V/IX/X LP, "Fund X-5," BH GP Fund II LLC, BH GP Fund III LLC, BH Capital Fund II Management LLC, BH Capital Fund III Management LLC, BH Capital Fund X Management LLC, and BH Capital Fund XIII Management LLC — with several entities re-registered under new Business IDs at different addresses (e.g., two separate "BH Capital Fund II LP" registrations, two separate "BH Capital Fund III LP" registrations). Business-report aggregates show 39 business registrations, 40 name variations, and 17 registered agents tied to the complex.
RevGen Holdings — an "investment and operating platform" with Devin Johnson as Chairman/CEO and William Cody Harvey as director — emerged in April–May 2026, coinciding with the administrative dissolution of several of Harvey's other entities (William Harvey Group, Dunkirk, Harvey Solutions) in late 2025 and early 2026. A new vehicle appearing as the old ones die, immediately following a $107,553 Indiana state lien filed March 17, 2026 against Harvey, reads as a broad financial unwind in progress rather than a legitimate business pivot.
On March 17, 2026, the State of Indiana issued same-day tax warrants against both Devin Allen Johnson and William Cody Harvey — more than two years after the 2024 MCA collapse and three years into a purportedly 16%-per-month trading operation. Neither principal shows a criminal conviction or bankruptcy on file per background report; the fraud evidence here rests on the documentary and litigation record, not a hidden criminal history.
"Sean Johnson" (sean@bhcapital.io) executed the Miller subscription acceptance "on behalf of Phil Williams" and separately sent the same-day investor welcome email. Whether "Sean Johnson" is a real person, an associated person of any registrant, or an alias — and the source of any authority to accept subscriptions on Williams' behalf — has never been independently confirmed.
§5 Timeline — Selling Through the Collapse
§6 Civil Litigation Profile
Timeline: Default and suit March 26, 2024
Disposition: $40,000 emergency wire settlement (Apr 10–11, 2024); $86,122.50 consent judgment
Significance: Entities claiming double-digit monthly returns settled an MCA default by emergency wire within weeks.
Timeline: Default March 21, 2024; filed April 15, 2024
Significance: Twenty named defendants including the BH Capital fund limited partnerships themselves — the same vehicles sold to investors were obligated on the operators' MCA borrowing.
Timeline: Note matured unpaid March 25, 2024
Significance: Holder of a $1,000,000 note plus 5% equity; active litigant represented by Barnes & Thornburg. A million-dollar note went unpaid at maturity by operators publishing sixteen-percent monthly returns.
§7 Entity Network — The BH Capital Fund Complex
All entities are Indiana-registered and route through a small set of Indianapolis addresses, chiefly 201 S Capitol Ave Suite 800. The serialized naming convention (II, III, IV, V, IX, X, "X-5," XIII) and repeated re-registration of the same fund names under new Business IDs makes independent tracking difficult for any single investor.
§8 Key Principals
Mar 17, 2026: Indiana tax warrant issued (same day as Harvey's)
2026: Chairman/CEO, RevGen Holdings (new venture emerging as other entities wind down)
Background report: No criminal conviction or bankruptcy on file; 3 liens/judgments; 38 corporate affiliations
Mar 17, 2026: Indiana tax warrant issued jointly with Johnson ($107,553 lien)
Late 2025–2026: Multiple other entities (William Harvey Group, Dunkirk, Harvey Solutions) administratively dissolved
Background report: No criminal conviction or bankruptcy on file; 42 corporate affiliations
Role: First-listed executive officer/director on the fund Form Ds; registered agent on the Fund IX certificate; named GP contact in the Fund X PPM (questions@bhcapital.io)
Jul 10, 2024: Investor subscription accepted on his behalf by "Sean Johnson" — authority never independently confirmed
Status: Identity and authority unverified — whether a real person, an associated person of any registrant, or an alias has never been independently confirmed