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Guo allegedly organized a cryptocurrency offering for an asset known as &#34;H-Coin&#34; (also known as &#34;Himalaya Coin&#34; or &#34;HCN&#34;) and a connected stablecoin, according to the U.S. Securities and Economic Commission (SEC).The SEC claims that Guo misled H-Coin to prospective investors starting in October 2021 or before by claiming falsely that 20% of the asset&#39;s value was backed by gold. Additionally, he pledged to pay out damages if he suffered personal losses.The SEC accused Guo of abusing assets elsewhere in addition to the cryptocurrency scam mentioned in today&#39;s allegations. Guo and his financial advisor William Je were accused by the SEC of misusing $100 million in investor funds related to shares of Guo&#39;s GTV Media Group, Inc. Guo was additionally accused of stealing $43.5 million from two previous offerings to use for personal expenses.Guo is accused of using these multiple techniques to earn $850 million. According to the SEC, these actions were against the registration requirements of the securities laws. Guo&#39;s GTV Media Group and other parties were previously charged by the SEC for an additional unregistered cryptocurrency security asset known as &#34;G-Coins&#34; or &#34;G-Dollars&#34; in 2021. At that time, the regulator received $454 million in fines and payments.Guo, a former citizen of China, left for the United States in 2014 after becoming aware of a number of outstanding allegations against him. He claims to be a whistleblower against the Chinese Communist Party and argues that these accusations are politically motivated.Guo is connected to Donald Trump and his political spheres within the United States. He founded GTV Media Group in collaboration with fellow Trump party member Steve Bannon and is a member of Trump&#39;s Mar-a-Lago club in Florida.Guo is a billionaire and once ranked 73rd in terms of wealth in China.

SEC charges Trump-connected Chinese businessman Guo Wengui over ‘H-Coin’

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Alte articole publicate pe 16 mar. 2023

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