Three Chinese media involved companies with ties to Steve Bannon are being sued by the SEC for raising half a billion dollars in two unregistered securities offerings, according to the latest Money News electronic news today.
G-coins or G-dollars are unregistered securities as reported by the SEC. Guo Wengui, the man behind three Chinese companies that worked with Steve Bannon, is now being sued by the SEC for a $ 500 million settlement. The companies are said to have raised half a billion dollars in two unregistered securities offerings. According to an order filed today by the SEC, GTV Media Group Saraca Media Group and Voice of Guo Media ran a stock offering a year ago while the two companies were selling a digital token, digitally known as G-Coins or G-Dollars. They raised $ 487 million from over 5,000 investors, according to the SEC complaint, and some of them are based in the United States, with the token offering alone accounting for $ 34 million.
Neither security service is registered, according to the SEC, although both are labeled investments. The companies agreed to settle the case for $ 539 million without admitting any wrongdoing. However, Guo was not mentioned in the court order. A former real estate developer wanted by China in connection with loan fraud, he currently resides in New York and has a close relationship with Steve Bannon, former Breitbart CEO who serves as an advisor to the White House.
Guo Media hired Bannon, who was also not mentioned in SEC regulation, as a media advisor for $ 1 million in 2018, and Guo stated that Bannon was a member of the board of directors. Bannon was a board member of the Guo Code of Law Society and claims to protect individuals who speak out against corruption and illegal activities in China. However, Bannon has left the board. Guo’s media companies have been promoting G-Coins as a way to buy news products and can even be exchanged for gold online, but the details are sketchy. Like Bannon, Guo has really strong ideas about bringing down the Chinese Communist Party, but his campaigns have created even more confusion. Guo claims that many anti-CCP dissidents are viewed as enemies and spies of China.
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