A media group linked to former Trump-era political strategist Steve Bannon and a Chinese billionaire has settled with the U.S. securities watchdog for $539 million over its initial coin offering (ICO), in which it sold digital asset securities without registering with the regulator.
The U.S. Securities and Exchange Commission charged New York-based GTV Media Group and Saraca Media Group, as well as Arizona-based Voice of Guo Media Inc. in connection with the illegal stock offering. It also accused GTV and Saraca of conducting an illegal ICO in which they sold G-Coins or G-Dollars without registering with the agency.
In its order, the SEC said that from April to June 2020, the companies solicited thousands to invest in GTV stock offering and digital asset offering. They used their websites and social media platforms such as Twitter and YouTube to disseminate information about their products, according to authorities.