Three Chinese companies related to media and with ties to Steve Bannon are getting sued by the SEC for raising half a billion dollars in two unregistered securities offerings as we are reading more in our latest crypto news today.
G-Coins or G-dollars are unregistered securities as the SEC reported. Guo Wengui who is the major force behind the three Chinese companies worked alongside Steve Bannon and now these companies are getting sued by the SEC in a $500 million settlement. The companies allegedly raised half a billion dollars in two unregistered securities offerings. In an order filed by the SEC today, GTV Media Group Saraca Media Group and the Voice of Guo Media ran a stock offering a year ago while the two companies sold a digital token known as G-Coins or G-Dollars. They raised $487 million from over 5000 investors as per the SEC’s complaint and some of them are based in the US, with the token offering alone representing $34 million of that sum.
According to the SEC, neither security offering was registered though both were framed as investments. The companies agreed to settle the case for $539 million without admitting any wrongdoing. Guo was not mentioned in the court order, however. He is a former real estate developer that is wanted by China in connection with loan fraud and now lives in New York and is tied with Steve Bannon, the former Breitbart executive chairman who helped bring the “America First” policy as a White House advisor.
Steve Bannon, source: Bloomberg
The Guo Media contracted Bannon who is also not mentioned in the SEC order, as a media consultant for $1 million in 2018 and Guo claimed that Bannon was a GTC Board member. Bannon served as a board member for Guo’s Rule of LAw society and claims to protect the individuals that speak out against corruption and illegal activities in China. Bannon however, left the board. Guo’s media companies promoted G-Coins as a way of buying news products and could even be exchanged online for gold but the details were quite sketchy. Like Bannon, Guo has a really strong idea to take down the Chinese Communist Party but his campaigns managed to bring more confusion. Guo declared many anti-CCP dissidents who were considered enemies and spies for China.