The U.S. Securities and Exchange Commission (SEC) agreed to a $539 million settlement with GTV Media, Saraca Media and Voice of Guo Media after charging them with conducting illegal digital-asset and stock offerings.
The SEC said the three companies have been charged for an illegal, unregistered offering of GTV common stock as well as digital securities called G-Coins or G-Dollars.
New York-based GTV Media, Saraca Media and Phoenix-based Voice of Guo Media solicited thousands of individuals to invest in the GTV stock offering in April-June 2020, the SEC said.
“Thousands of investors purchased GTV stock, G-Coins, and G-Dollars based on the respondents’ solicitation of the general public with limited disclosures,” said Richard Best, director of the SEC’s New York regional office.
The companies neither admit nor deny the findings, the SEC said. They also agreed to a cease-and-desist order.