SEC takes action against Chinese billionaire's companies over $500M offerings

SEC takes action against Chinese billionaire's companies over $500M offerings

The United States Securities and Exchange Commission (SEC) has charged three of Chinese billionaire Guo Wengui’s companies over an initial coin offering (ICO) and initial public offering (IPO) that fetched around $487 million combined.

The infamous Wengui, also known as Miles Kwok or Miles Guo, is an exiled Chinese businessman who currently resides in New York. Wengui is known for his controversial political takes and his ties to Donald Trump confidant, Steve Bannon.

The SEC submitted a cease and desist order on Sept. 13, with the documents showing that Guo’s companies have agreed to pay a settlement with the SEC within 14 days.

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The SEC outlined two unregistered securities offerings from Guo’s firms, with GTV Media Group, Saraca Media Group and Voice of Guo Media conducting an IPO between April 1 and June 2020. Saraca and Voice of Guo, dubbed the “G Entities,” also conducted an ICO over the same period.

The ICO raised $34 million from investors seeking exposure

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