The U.S. Securities and Exchange Commission takes action against unregistered ICO and IPO companies of Chinese billionaires

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The US Securities and Exchange Commission has taken action against three companies owned by the wealthy Chinese man Guo Wengui because they mixed the proceeds of two unregistered securities issuances.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the company of three wealthy Chinese Guo Wengui over the initial coin offering (ICO) and initial public offering (IPO), with a total amount of approximately US$487 million.

The less well-known Wengui, collectively known as Guo Wengui or Guo Wengui, is an exiled Chinese businessman currently living in New York. Wen Gui is known for his controversial political views and relationship with Donald Trump’s friend Steve Bannon.

The US Securities and Exchange Commission filed a suspension and waiver order on September 13, and the documents show that Guo’s company has united and paid a settlement to the US Securities and Exchange Commission within 14 days.

The SEC disclosed two unregistered securities issuances by Guo’s company. GTV Media, Saraca Media Group and Voice of Guo Media conducted initial public offerings from April 1 to June 2020. An ICO was conducted in a similar period of time.

The ICO raised $34 million from investors seeking access to these companies, G-Dollars-the agency claims that this virtual currency may become gold or legal currency, or that it will not purchase goods on the G entity’s online platform.

The US Securities and Exchange Commission found that entity G did not provide investors with data related to its well-known digital quality and how the platform will be developed, adding:

“Nevertheless, G entities must develop or distribute digital assets sold in Coin donations or platforms that may enable users to interact with digital assets or sell digital assets.”

The proceeds of the ICO are mixed with the funds raised from its $453 million stock and used to allocate 100% of GTV’s stock. The unregistered initial release attracted 5,500 people.

The two companies jointly paid USD 486.6 million in fines, USD 17.6 million in pre-judgment interest and USD 35 million in civil fines.