Business

Companies Tied to Chinese Exile Guo Wengui to Pay $539 Million to Settle SEC Action

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WASHINGTON—Three media firms tied to exiled Chinese language businessman Guo Wengui have agreed to pay $539 million to settle regulatory claims they violated investor-protection legal guidelines after they raised cash from over 5,000 buyers.

The announcement resolves an investigation that focused a sale of inventory and digital belongings final 12 months, in accordance with the Securities and Change Fee. The businesses stated the cash they raised can be used to construct a information and social-media platform that might be “the one uncensored and impartial bridge between China and the Western world,” in accordance with the fundraising paperwork.

https://www.wsj.com/articles/companies-tied-to-chinese-exile-guo-wengui-to-pay-539-million-to-settle-sec-action-11631539327?mod=pls_whats_news_us_business_f | Firms Tied to Chinese language Exile Guo Wengui to Pay $539 Million to Settle SEC Motion

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