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Media companies linked to Guo Wengui pay $539m to settle SEC case

Monetary fraud updates

Three media corporations linked to Guo Wengui, a Chinese language businessman and distinguished critic of the Chinese language Communist get together dwelling in exile within the US, can pay greater than $539m to US securities regulators to resolve allegations that they issued unlawful securities to greater than 5,000 buyers.

The US Securities and Trade Fee introduced on Monday the civil motion in opposition to GTV Media Group, Saraca Media Group and Voice of Guo Media for an alleged illegal providing of GTV inventory, the regulator mentioned in a press release. GTV and Saraca have been additionally accused of illegally issuing a digital asset safety known as G-Cash or G-{Dollars}. 

“Hundreds of buyers bought GTV inventory, G-Cash, and G-{Dollars} based mostly on the respondents’ solicitation of most of the people with restricted disclosures,” Richard Greatest, director of the SEC’s New York regional workplace, mentioned in a press release.

The businesses, which have been linked to Guo in quite a few US media studies, didn’t register each choices, from which they raised roughly $487m in whole, the SEC mentioned. They agreed to pay greater than $539m to settle the claims with out both admitting or denying the regulator’s findings.

Guo fled from China to the US in 2014, the place he allied with demoralised abroad dissidents and China hawks, together with Steve Bannon, the previous White Home adviser to Donald Trump.

Steve Bannon helped to launch GTV Media © AP

Bannon was listed as a director at GTV Media and was a central determine along with Guo behind the corporate’s launch, in keeping with the Wall Street Journal

Final yr, the previous adviser was reportedly arrested on Guo’s yacht on fraud costs not linked to the Chinese language businessman. He was later pardoned by Trump.

Guo was on the centre of Chinese language political drama in 2017 when he publicly criticised the Chinese language Communist get together through social media, casting doubt on the integrity of Beijing’s anti-corruption purge, which was spearheaded by China’s vice-president Wang Qishan on behalf of Xi Jinping.

GTV couldn’t instantly be reached for remark.

https://www.ft.com/content material/0ec1fe86-5fe2-4fa5-b2b1-9d23fd738f8a | Media corporations linked to Guo Wengui pay $539m to settle SEC case

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