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SEC Settles With Media Companies for $539M Over Alleged Illegal Digital-Asset, Stock Offerings

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.

   

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