Three companies of exiled Chinese billionaire Guo Wengui have agreed to pay $539 million in penalties to settle charges over illegal cryptocurrency sales, the top US financial market watchdog said Monday.

GTV Media Group, Saraca Media Group and Voice of Guo Media Inc last year raised funds through the sale of digital assets called G-Coins and G-Dollars, as well as stock, according to the Securities and Exchange Commission (SEC).

However, the agency said the sale was not registered.

The companies agreed to repay the $487 million raised from more than 5,000 investors, including US nationals, as well as paying interest and fines but without admitting or denying wrongdoing, according to the statement.

"Issuers seeking to access the markets through a public securities offering must provide investors with the disclosures required under the federal securities laws," said Sanjay Wadhwa, deputy director of the SEC's Enforcement Division.

Guo fled China in 2014, settling in the United States in 2017, after his battles with Beijing over his businesses and political activism. He faces prosecution in his home country for fraud and money laundering.

The fugitive real estate mogul used social media and his media companies to disseminate searing accusations of corruption against China's rich and powerful.

He also formed an anti-China alliance with Steve Bannon, a top adviser to former president Donald Trump.

Before leaving office in January, Trump pardoned Bannon who himself was convicted of fraud after raising hundreds of thousands of dollars for a plan to build a wall at the US-Mexico border.

Bannon was arrested in August 2020 while aboard Guo's yacht.

Related Links
China News from SinoDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

China orders gaming giants to cut 'effeminate' gender imagery
Beijing (AFP) Sept 9, 2021
Chinese authorities have ordered gaming giants to end their focus on profits and cut content perceived to be breeding "effeminacy", as Beijing tries to direct youth culture, gender ideals and the reach of big tech. The move is the latest by authorities to tighten their grip on the embattled technology sector and sparked a collapse in the share prices of some of the industry's biggest names. Officials on Wednesday summoned gaming enterprises including Tencent and NetEase, the two market leaders i ... read more