Fugitive Chinese Billionaire Allied with Steve Bannon Agrees to Pay $539 Million Fine

The fugitive Chinese language billionaire and Steve Bannon ally behind a pro-Trump social media community now owes owes tons of of hundreds of thousands of {dollars} to the federal authorities, after a brand new settlement with the Securities and Alternate Fee.

Firms owned by billionaire and aspiring media mogul Guo Wengui agreed to pay the SEC $539 million as a part of a settlement over unlawful inventory and cryptocurrency gross sales, the company announced Monday. The settlement features a situation stopping Wengui’s corporations from promoting future digital currencies.

Legal professionals for Wengui didn’t reply to a right away request for remark.

The settlement represents a major monetary blow to Wengui, who has used his wealth to turn out to be intertwined with distinguished Trump allies whereas on the run from legal prices in China. Wengui is an in depth supporter of former Trump adviser Steve Bannon, a relationship that was highlighted when Bannon was arrested final 12 months on Wengui’s yacht on fraud prices.

Wengui additionally bankrolled Gettr, a pro-Trump social media community publicly by helmed by former Trump spokesman Jason Miller. Whereas Miller has been obscure about Wengui’s involvement within the social community, which launched in July, technical particulars obtainable on-line counsel Gettr was created by corporations owned by Wengui.

The SEC investigation targeted on the gross sales final 12 months of inventory in considered one of Wengui’s corporations, GTV Media, in addition to the unlawful sale of digital currencies promoted by Wengui known as “G-Cash” and “G-{Dollars}.” Wengui’s corporations made tons of of hundreds of thousands of {dollars} in inventory and cryptocurrency gross sales, in response to an SEC order describing the settlement.

The FBI was concerned in an investigation of the GTV Media inventory gross sales, the Wall Avenue Journal reported in August 2020. Bannon was listed as an organization director at GTV Media on fundraising supplies, in response to the Journal report.

https://www.thedailybeast.com/fugitive-chinese-billionaire-allied-with-steve-bannon-agrees-to-pay-dollar539-million-fine?supply=articles&by way of=rss | Fugitive Chinese language Billionaire Allied with Steve Bannon Agrees to Pay $539 Million Advantageous


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