Connect with us

Business

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

Published

on

 


Runaway Chinese billionaire Guo Wengui holds a press conference on November 20, 2018 in New York City, on the occasion of the death of tycoon Wang Jian in France on July 3, 2018. – Guo was introduced by Steve Bannon, former strategist in head of the White House.

Don Emmert | AFP | Getty Images

The Securities and Exchange Commission on Monday accused three media companies linked to wealthy Chinese exile Guo Wengui of making illegal securities offers.

New York-based companies GTV Media Group and Saraca Media Group, as well as Phoenix, Arizona-based Voice of Guo Media, have agreed to settle more than $ 539 million, according to the SEC.

The SEC accused GTV, Saraca and Voice of Guo of making an unlawful unregistered offer of GTV common stock. GTV and Saraca have also been charged with an unlawful unregistered offering of a digital asset security called G-Coins or G-Dollars.

The companies raised $ 487 million from more than 5,000 investors from the two securities offerings, according to the SEC.

GTV Media is also said to have ties to former White House chief strategist Steve Bannon. The Wall Street Journal reported last year that the SEC was investigating the company’s fundraising tactics and noted at the time that Bannon was a corporate director.

Bannon and Guo have been close for years. Former adviser to President Donald Trump was stopped on Guo’s yacht and was accused of defrauding hundreds of thousands of donors as part of his “We’re Building the Wall” fundraising campaign. Bannon pleaded not guilty and was later pardoned by Trump.

The SEC Press Release does not mention Guo or Bannon by name.

Guo, his associates and some of the same companies were sued by investors in a class action lawsuit earlier this year for allegedly breaking securities laws. Bannon is not mentioned in the lawsuit.

As for the settlement with the SEC, companies linked to Guo have neither admitted nor denied any of the commission’s findings. Instead, the SEC says the companies have agreed to a detailed settlement.

“GTV and Saraca have agreed to a cease and desist order, to pay restitution in excess of $ 434 million plus pre-judgment interest of approximately $ 16 million on a joint and several basis, and to each pay a civil fine of $ 15 million, “according to the SEC press release.

“Voice of Guo accepted a cease and desist order, to pay restitution of over $ 52 million plus pre-judgment interest of nearly $ 2 million, and to pay a civil fine of $ 5 million. dollars, “the SEC statement read. “The ordinance establishes a fair fund to return money to aggrieved investors.”

Sources

1/ https://Google.com/

2/ https://www.cnbc.com/2021/09/13/sec-hits-media-companies-linked-to-chinese-exile-guo-wengui-with-over-500-million-.html

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]