October 28, 2021

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

2 min read

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

Corporations 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 Wenguiโ€™s corporations from promoting future digital currencies.

Legal professionals for Wengui didnโ€™t reply to a direct request for remark.

The settlement represents a major monetary blow to Wengui, who has used his wealth to grow to be intertwined with distinguished Trump allies whereas on the run from prison fees in China. Wengui is a detailed supporter of former Trump adviser Steve Bannon, a relationship that was highlighted when Bannon was arrested final 12 months on Wenguiโ€™s yacht on fraud fees.

Wengui additionally bankrolled Gettr, a pro-Trump social media community publicly by helmed by former Trump spokesman Jason Miller. Whereas Miller has been imprecise about Wenguiโ€™s involvement within the social community, which launched in July, technical particulars out there 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 certainly one of Wenguiโ€™s corporations, GTV Media, in addition to the unlawful sale of digital currencies promoted by Wengui referred to as โ€œG-Cashโ€ and โ€œG-{Dollars}.โ€ Wenguiโ€™s corporations made a whole lot of thousands and thousands of {dollars} in inventory and cryptocurrency gross sales, based on an SEC order describing the settlement.

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

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