Media business connected to Chinese exile Guo Wengui reach $539 million SEC settlement

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Media companies linked to Chinese exile Guo Wengui reach $539 million SEC settlement

Revealed: The Secrets our Clients Used to Earn $3 Billion

Fugitive Chinese billionaire Guo Wengui hold a press conference on November 20, 2018 in New York, on the death of of magnate Wang Jian in France on July 3,2018 – Guo was presented by Steve Bannon, previous White House Chief Strategist.

Don Emmert|AFP|Getty Images

The Securities and Exchange Commission on Monday charged 3 media business connected to rich Chinese exile Guo Wengui with carrying out unlawful securities offerings.

The business– New York City- based GTV Media Group and Saraca Media Group in addition to Phoenix, Arizona- based Voice of Guo Media– consented to go for more than $539 million, according to the SEC.

The SEC charged GTV, Saraca and Voice of Guo with carrying out an unlawful unregistered offering of GTV’s typical stock. GTV and Saraca were likewise charged with an unlawful unregistered offering of a digital possession security called G-Coins or G-Dollars

The business raised $487 million from more than 5,000 financiers from the 2 securities offerings, according to the SEC.

GTV Media likewise supposedly has links to previous White House primary strategist SteveBannon The Wall Street Journal reported in 2015 that the SEC was checking out fundraising strategies by the business and kept in mind at the time that Bannon was a business director.

Bannon and Guo have actually been close for many years. The previous consultant to President Donald Trump was detained on Guo’s luxury yacht and was charged with defrauding numerous countless donors through his “We Build the Wall” fundraising project. Bannon pleaded innocent and was later on pardoned by Trump.

The SEC news release does not discuss Guo or Bannon by name.

Guo, his partners and a few of the exact same business were taken legal action against by financiers in a class-action suit previously this year for supposedly breaking securities laws. Bannon is not discussed in the suit.

As for the settlement with the SEC, the Guo- connected business did not confess or reject any of the commission’s findings. Instead, the SEC states business consented to an in-depth settlement.

“GTV and Saraca agreed to a cease-and-desist order, to pay disgorgement of over $434 million plus prejudgment interest of approximately $16 million on a joint and several basis, and to each pay a civil penalty of $15 million,” according to the SEC’s news release.

“Voice of Guo agreed to a cease-and-desist order, to pay disgorgement of more than $52 million plus prejudgment interest of nearly $2 million, and to pay a civil penalty of $5 million,” the SEC release stated. “The order establishes a Fair Fund to return monies to injured investors.”

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