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Chinese tycoon firms pay $ 539 million in US securities deal

 


NEW YORK (AP) Three companies linked to a Chinese businessman who is a prominent critic of the ruling Communist Party in his country have agreed to pay $ 539 million to settle charges of carrying out an illegal securities bid, according to regulators.

New York and Arizona-based companies linked to Guo Wengui raised $ 487 million from 5,000 investors who bought shares of GTV Media Group Inc. and a digital asset called G-Coins or G-Dollars, announced. Monday the Securities and Exchange Commission.

Guo, who lives in New York City, left China in 2014 in an anti-corruption crackdown led by President Xi Jinping that trapped people close to the businessman, including an intelligence official . Chinese authorities have charged Guo, also known as Miles Kwok, with rape, kidnapping and corruption.

The companies have been accused of failing to register the securities with regulators, according to the SEC. He said he sold stocks and digital assets through videos on GTV and Saracas websites and on YouTube, Twitter and other social media.

GTV and Saraca Media Group Inc. have agreed to return $ 434 million plus $ 16 million in interest and pay a civil fine of $ 15 million each, according to the SEC. He said Voice of Guo Media Inc. agreed to return $ 52 million plus $ 2 million in interest and pay a civil fine of $ 5 million. The SEC said the companies also agreed not to participate in any digital asset security offerings.

The corrective measures ordered by the Commission today, which include a fair distribution of funds, will bring significant relief to investors in these illegal offers, SEC New York office director Richard R. Best said in a statement. communicated.

A former civil servant turned real estate developer, Guo angered China’s ruling party by launching bribery accusations on social media. His lawyer said in 2017 that he had applied for political asylum in the United States.

Last year Guo and Steve Bannon, a former political strategist to then President Donald Trump, announced the founding of the New China Federal State, an initiative to overthrow the Chinese government.

Guo was one of the richest businessmen in China, with a fortune estimated by Forbes magazine to be $ 1.1 billion in 2015. His current net worth is unclear.

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United States Securities Commission: www.sec.gov

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