Three media companies to pay $539 million to settle SEC lawsuit
According to the SEC, from April to June 2020, companies illegally floated GTV common shares and digital securities referred to as either G-Coins or G-Dollars.
Today, we announced charges to three media companies for illegal unregistered offerings of GTV common stock & a digital asset security referred to as G-Coins or G-Dollars. Over $539 million will be paid in settlement & distributed to investors.— SEC (@SECGov) September 13, 2021
Defendants disseminated information about the asset offerings through GTV and Saraca websites, as well as on social media.
According to the regulator, the companies collectively raised approximately $487 million from more than 5,000 investors, including U.S. investors.
Without admitting or denying the SEC's findings, the companies agreed to pay disgorgement of over $486 million plus prejudgment interest of approximately $18 million on a joint and several basis. GTV and Saraca will also pay a civil penalty of $15 million, and Voice of Guo will pay $5 million.