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Three media companies to pay $539 million to settle SEC lawsuit

The US Securities and Exchange Commission (SEC) has accused GTV Media Group, Saraca Media and Voice of Guo Media of conducting an illegal unregistered offering of GTV common stock. The defendants agreed to pay more than $539 million in the settlement of the claim.

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.

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.

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