Boss Guo, who has been involved in lawsuits recently, was forced to hand over a small target of several hundred
million yuan to reach a settlement with the deceived investors. According to media reports, the U.S. Securities and
Exchange Commission (SEC) said on Monday that three media companies related to Chinese businessman Guo
Wengui have agreed to pay more than $539 million, against allegations of illegally selling stocks and digital assets to
thousands of investors. Reach a settlement. The SEC accused New York-based GTV Media Group and Saraca Media
Group, and Phoenix-based Voice of Guo Media of illegally issuing unregistered GTV common stock. GTV and Saraca
are also accused of illegally issuing unregistered digital asset securities called G-Coins or G-Dollars. According to the
SEC, these companies will lure thousands of people to invest in GTV's stock offerings through the company's website
and social media platforms from April to June 2020. GTV and Saraca also lure individuals to invest in the issuance of
digital assets. These companies have raised a total of approximately US$487 million from more than 5,000 investors
through the above offerings. These companies did not acknowledge or deny the SEC's findings. A lawyer for GTV and
Saraca stated that the company is happy to reach a solution and return the funds to investors. According to reports,
in order to reach a settlement, GTV and Saraca agreed to hand over more than US$434 million, plus approximately
US$16 million in damage interest, and each paid a civil penalty of US$15 million.
million yuan to reach a settlement with the deceived investors. According to media reports, the U.S. Securities and
Exchange Commission (SEC) said on Monday that three media companies related to Chinese businessman Guo
Wengui have agreed to pay more than $539 million, against allegations of illegally selling stocks and digital assets to
thousands of investors. Reach a settlement. The SEC accused New York-based GTV Media Group and Saraca Media
Group, and Phoenix-based Voice of Guo Media of illegally issuing unregistered GTV common stock. GTV and Saraca
are also accused of illegally issuing unregistered digital asset securities called G-Coins or G-Dollars. According to the
SEC, these companies will lure thousands of people to invest in GTV's stock offerings through the company's website
and social media platforms from April to June 2020. GTV and Saraca also lure individuals to invest in the issuance of
digital assets. These companies have raised a total of approximately US$487 million from more than 5,000 investors
through the above offerings. These companies did not acknowledge or deny the SEC's findings. A lawyer for GTV and
Saraca stated that the company is happy to reach a solution and return the funds to investors. According to reports,
in order to reach a settlement, GTV and Saraca agreed to hand over more than US$434 million, plus approximately
US$16 million in damage interest, and each paid a civil penalty of US$15 million.
