SEC hits media companies linked to Guo Wengui with over $500 million settlement for illegal stock offering

Fugitive Chinese billionaire Guo Wengui care for a recordsdata conference on November 20, 2018 in Fresh York, on the demise of of tycoon Wang Jian in France on July 3, 2018. – Guo used to be introduced by Steve Bannon, mature White Home Chief Strategist.

Don Emmert | AFP | Getty Pictures

The Securities and Exchange Payment introduced on Monday that a batch of media corporations linked to prosperous Chinese exile Guo Wengui occupy agreed to accept over $500 million after an investigation into whether or no longer the organizations broke securities criminal pointers.

“The Securities and Exchange Payment as of late charged Fresh York City-primarily primarily based mostly GTV Media Neighborhood Inc. and Saraca Media Neighborhood Inc., and Phoenix, Arizona-primarily primarily based mostly Divulge of Guo Media Inc., with conducting an illegal unregistered offering of GTV customary stock,” the SEC mentioned in a press start.

“The SEC furthermore introduced charges against GTV and Saraca for conducting an illegal unregistered offering of a digital asset security referred to as either G-Cash or G-Dollars. The respondents occupy agreed to pay more than $539 million to settle the SEC’s lumber.”

GTV Media, one in all the Guo tied media corporations, furthermore has hyperlinks to mature White Home chief strategist Steve Bannon. The Wall Avenue Journal reported final one year that the SEC used to be having a peek into fundraising ways by the firm and well-known on the time that Bannon used to be a firm director.

Bannon and Guo occupy been shut for years. The mature consultant to President Donald Trump used to be arrested on Guo’s yacht and used to be charged with defrauding thousands and thousands of donors through his “We Salvage the Wall” fundraising marketing campaign. Bannon pleaded no longer responsible and used to be later pardoned by Trump.

Right here is breaking recordsdata. Please test assist for updates.

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