Fugitive Chinese billionaire Guo Wengui hold a news conference on November 20, 2018 in New York, on the death of of tycoon Wang Jian in France on July 3, 2018. – Guo was introduced by Steve Bannon, former White House Chief Strategist.
Don Emmert | AFP | Getty Images
The Securities and Exchange Commission announced on Monday that a batch of media companies linked to wealthy Chinese exile Guo Wengui have agreed to settle for over $500 million after an investigation into whether the organizations broke securities laws.
“The Securities and Exchange Commission today charged New York City-based GTV Media Group Inc. and Saraca Media Group Inc., and Phoenix, Arizona-based Voice of Guo Media Inc., with conducting an illegal unregistered offering of GTV common stock,” the SEC said in a press release.
“The SEC also announced charges against GTV and Saraca for conducting an illegal unregistered offering of a digital asset security referred to as either G-Coins or G-Dollars. The respondents have agreed to pay more than $539 million to settle the SEC’s action.”
GTV Media, one of the Guo tied media companies, also has links to former White House chief strategist Steve Bannon. The Wall Street Journal reported last year that the SEC was looking into fundraising tactics by the company and noted at the time that Bannon was a company director.
Bannon and Guo have been close for years. The former advisor to President Donald Trump was arrested on Guo’s yacht and was charged with defrauding hundreds of thousands of donors through his “We Build the Wall” fundraising campaign. Bannon pleaded not guilty and was later pardoned by Trump.
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