Steve Bannon-linked media venture to pay $539 million settlement for fundraising violations

Bannon and exiled Chinese billionaire Guo Wengui formed GTV Media Group in 2020 and were ccused by the SEC of running an illegal, unregistered stock and coin offering.

Published: Sept. 13, 2021 at 10:53 a.m. ET
By Lukas I. Alpert

A media venture formed by far-right political strategist Steve Bannon and exiled Chinese real estate developer Guo Wengui was slapped with a $539 million fine by the SEC for raising funds through an illegal, unregistered private offering.

GTV Media Group Inc., Saraca Media Group Inc. and Voice of Guo Media Inc., was accused of raising $487 million from more than 5,000 investors between April and June of 2020, without ever registering the stock and coin sale with the Securities and Exchange Commission.

Bannon, a one-time top strategist for former President Donald Trump, and Guo, who is a fierce critic of the Chinese government, founded the media operation in 2020.

Bannon and Guo billed the media companies as “the first ever platform which will combine the power of citizen journalism and social news with state-of-the-art technology, big data, artificial intelligence, block-chain technology and real-time interactive communication,” according to the SEC complaint.

The SEC complaint said the platforms claimed they would be “the only uncensored and independent bridge between China and the Western world.”

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

Will Sommer
Mon, September 13, 2021, 11:22 AM·2 min read

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.

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