Fugitive Chinese billionaire's firms to pay $539mn fines

Three companies of exiled Chinese billionaire Guo Wengui person agreed to wage $539 cardinal successful penalties to settee charges implicit amerciable cryptocurrency sales, the apical US fiscal marketplace watchdog said Monday.

GTV Media Group, Saraca Media Group and Voice of Guo Media Inc past twelvemonth raised funds done the merchantability of integer assets called G-Coins and G-Dollars, arsenic good arsenic stock, according to the Securities and Exchange Commission (SEC).

However, the bureau said the merchantability was not registered.

The companies agreed to repay the $487 cardinal raised from much than 5,000 investors, including US nationals, arsenic good arsenic paying involvement and fines but without admitting oregon denying wrongdoing, according to the statement.

"Issuers seeking to entree the markets done a nationalist securities offering indispensable supply investors with the disclosures required nether the national securities laws," said Sanjay Wadhwa, lawman manager of the SEC's Enforcement Division.

Guo fled China successful 2014, settling successful the United States successful 2017, aft his battles with Beijing implicit his businesses and governmental activism. He faces prosecution successful his location state for fraud and wealth laundering.

The fugitive existent property mogul utilized social media and his media companies to disseminate searing accusations of corruption against China's affluent and powerful.

He besides formed an anti-China confederation with Steve Bannon, a apical advisor to erstwhile president Donald Trump.

Before leaving bureau successful January, Trump pardoned Bannon who himself was convicted of fraud aft raising hundreds of thousands of dollars for a program to physique a partition astatine the US-Mexico border.

Bannon was arrested successful August 2020 portion aboard Guo's yacht.

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© 2021 AFP