CrosswordNewsletters
DAILY BEAST
ALL
  • Cheat Sheet
  • Obsessed
  • Politics
  • Crime
  • Entertainment
  • Media
  • Innovation
  • Opinion
  • World
  • U.S. News
  • Scouted
CHEAT SHEET
    POLITICS
    • Fever Dreams
    • Biden World
    • Elections
    • Opinion
    • National Security
    • Congress
    • Pay Dirt
    • The New Abnormal
    • Right Richter
    • Trumpland
    MEDIA
    • Confider
    • Daytime Talk
    • Late-Night
    • Fox News
    U.S. NEWS
    • Identities
    • Crime
    • Race
    • LGBT
    • Extremism
    • Coronavirus
    WORLD
    • Russia
    • Europe
    • China
    • Middle East
    INNOVATION
    • Science
    TRAVEL
      ENTERTAINMENT
      • TV
      • Movies
      • Music
      • Comedy
      • Sports
      • Sex
      • TDBs Obsessed
      • Awards Shows
      • The Last Laugh
      CULTURE
      • Power Trip
      • Fashion
      • Books
      • Royalist
      TECH
      • Disinformation
      SCOUTED
      • Clothing
      • Technology
      • Beauty
      • Home
      • Pets
      • Kitchen
      • Fitness
      • I'm Looking For
      BEST PICKS
      • Best VPNs
      • Best Gaming PCs
      • Best Air Fryers
      COUPONS
      • Vistaprint Coupons
      • Ulta Coupons
      • Office Depot Coupons
      • Adidas Promo Codes
      • Walmart Promo Codes
      • H&M Coupons
      • Spanx Promo Codes
      • StubHub Promo Codes
      Products
      NewslettersPodcastsCrosswordsSubscription
      FOLLOW US
      GOT A TIP?

      SEARCH

      HOMEPAGE
      Trumpland

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

      $$$$

      The SEC announced companies owned by billionaire Guo Wengui agreed to pay more than half of $1 billion as part of a settlement over illegal stock and cryptocurrency sales.

      Will Sommer

      Politics Reporter

      Updated Sep. 13, 2021 12:02PM ET / Published Sep. 13, 2021 11:22AM ET 

      DON EMMERT

      The fugitive Chinese billionaire and Steve Bannon ally behind a pro-Trump social media network now owes owes hundreds of millions of dollars to the federal government, after a new settlement with the Securities and Exchange Commission.

      Companies owned by billionaire and aspiring media mogul Guo Wengui agreed to pay the SEC $539 million as part of a settlement over illegal stock and cryptocurrency sales, the agency announced Monday. The agreement includes a condition preventing Wengui’s companies from selling future digital currencies.

      Lawyers for Wengui didn’t respond to an immediate request for comment.

      The settlement represents a significant financial blow to Wengui, who has used his wealth to become intertwined with prominent Trump allies while on the run from criminal charges in China. Wengui is a close supporter of former Trump adviser Steve Bannon, a relationship that was highlighted when Bannon was arrested last year on Wengui’s yacht on fraud charges.

      Wengui also bankrolled Gettr, a pro-Trump social media network publicly by helmed by former Trump spokesman Jason Miller. While Miller has been vague about Wengui’s involvement in the social network, which launched in July, technical details available online suggest Gettr was created by companies owned by Wengui.

        The SEC investigation focused on the sales last year of stock in one of Wengui’s companies, GTV Media, as well as the illegal sale of digital currencies promoted by Wengui called “G-Coins” and “G-Dollars.” Wengui’s companies made hundreds of millions of dollars in stock and cryptocurrency sales, according to an SEC order describing the settlement.

        The FBI was involved in an investigation of the GTV Media stock sales, the Wall Street Journal reported in August 2020. Bannon was listed as a company director at GTV Media on fundraising materials, according to the Journal report.

        READ THIS LIST

        DAILY BEAST
        • Cheat Sheet
        • Politics
        • Entertainment
        • Media
        • World
        • Innovation
        • U.S. News
        • Scouted
        • Travel
        • Subscription
        • Crossword
        • Newsletters
        • Podcasts
        • About
        • Contact
        • Tips
        • Jobs
        • Advertise
        • Help
        • Privacy
        • Code of Ethics & Standards
        • Diversity
        • Terms & Conditions
        • Copyright & Trademark
        • Sitemap
        • Best Picks
        • Coupons
        • Coupons:
        • Dick's Sporting Goods Coupons
        • HP Coupon Codes
        • Chewy Promo Codes
        • Nordstrom Rack Coupons
        • NordVPN Coupons
        • JCPenny Coupons
        • Nordstrom Coupons
        • Samsung Promo Coupons
        • Home Depot Coupons
        • Hotwire Promo Codes
        • eBay Coupons
        • Ashley Furniture Promo Codes
        © 2023 The Daily Beast Company LLC