2 years ago
Guo Wengui — besides known arsenic Miles Guo — has been charged implicit a fraudulent cryptocurrency scheme, according to a connection from the SEC connected March 15.
SEC files charges against Guo
The U.S. Securities and Economic Commission (SEC) said that Guo ran a crypto offering for an plus called “H-Coin” (aka “Himalaya Coin” oregon “HCN”) and a related stablecoin.
The SEC alleges that opening successful October 2021 oregon earlier, Guo misrepresented H-Coin to imaginable investors by falsely stating that 20% of the asset’s worth was backed by gold. He besides promised to supply compensation successful lawsuit of losses personally.
That crypto strategy was conscionable 1 illicit enactment named successful the SEC’s charges today, arsenic the regulator besides charged Guo with misusing assets elsewhere. The SEC charged Guo and his fiscal advisor William Je with diverting $100 cardinal of capitalist funds successful narration to banal successful Guo’s GTV Media Group, Inc. It additionally charged Guo with misappropriating $43.5 cardinal of funds from 2 different offerings for usage successful idiosyncratic spending.
Guo allegedly obtained $850 cardinal done those assorted schemes. The SEC said these activities violated the registration provisions of securities laws.
The SEC antecedently charged Guo’s GTV Media Group and different parties implicit different unregistered crypto information plus called “G-Coins” oregon “G-Dollars” successful 2021. The regulator collected $454 cardinal successful fines and payments astatine that time.
Guo is simply a Chinese expat and billionaire
Guo was a erstwhile nonmigratory of China who fled to the U.S. successful 2014 aft learning of assorted impending charges against him. He asserts that those allegations are politically motivated and claims to beryllium a whistleblower against the Chinese Communist Party.
Within the United States, Guo has ties to erstwhile U.S. President Donald Trump and his governmental circles. He is simply a subordinate of Trump’s Mar-a-Lago edifice successful Florida and launched GTV Media Group successful relation with Trump enactment subordinate Steve Bannon.
Guo is simply a billionaire and was, astatine 1 point, the 73rd richest idiosyncratic successful China.
The station SEC charges Trump-connected Chinese businessman Guo Wengui implicit ‘H-Coin’ appeared archetypal connected CryptoSlate.
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