SEC fines Chinese billionaire's companies $539m over illegal offerings

clock • 3 min read
SEC fines Chinese billionaire's companies $539m over illegal offerings

The US Securities and Exchange Commission (SEC) has taken action against three companies owned by Chinese Billionaire Guo Wengui for "commingling" the proceeds from two unregistered securities offerings. In a statement on 13 September, the SEC charged three of Chinese billionaire Guo Wengui's companies over an initial coin offering (ICO) and initial public offering (IPO) that fetched a total of around $487m. New York City-based GTV Media Group Inc. and Saraca Media Group Inc., and Phoe...

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