Three media companies to pay $ 539 million to settle SEC lawsuit

The Securities and Exchange Commission announced fines of more than $500 million against the companies.Chinese businessman Guo Wenggi.

The SEC accuses GTV Media Group, Saraca Media Group and Voice of Guo Media of illegally selling G-Coins and G-Dollars tokens and GTV common stock for a total of $487 million. 

More than five thousand investors purchased assets, the sale of which was not registered with the agency. 

The companies agreed to return all funds to investors and pay fines and interest, but without admitting or denying wrongdoing. The total amount of foreclosures was $ 539 million.

Guo was one of China's richest businessmen, with a fortune estimated by Forbes magazine at $ 1.1 billion in 2015. In 2014, he was forced to emigrate from China under pressure from the CCP.

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