Although the agreement with the SEC It does not contemplate that companies recognize crimes, they will also cease operations and will return the capital originally raised to investors.
The US Securities and Exchange Commission (SEC) reached an agreement with three companies accused of making illegal offers for the sale of securities, which together must pay about USD $ 539 million.
Companies reach an agreement with the SEC
This was confirmed by the director of the SEC Regional Office in New York, Richard R. Best, who highlighted that companies GTV Media Group Inc., Saraca Media Group Inc. and Voice of Guo Media Inc. they incurred in violations of the securities law by advertising their respective tokens, about which they made false promises to attract a greater number of investors.
According to a statement published by Best, these organizations promoted the sale of digital assets called “G-Coins” or “G-Dollars”, for which they organized marketing campaigns on social networks, created audiovisual material and managed a website to channel operations. It is estimated that they managed to raise about USD $ 487 million from at least 5,000 investors.
In a statement issued by Best, it reads:
“Thousands of investors bought shares of GTV, G-Coins and G-Dollars based on the offers directed to the general public with limited disclosures. The remedies ordered by the Commission today, which include a fair distribution of funds, will provide significant relief to investors in these illegal offerings. “
In the established agreement, the companies together agree to pay a total of USD $ 539 million to the regulatory body, in addition to making the corresponding return of the funds originally raised.
Focused on offerings within the crypto space
Despite the fact that the established agreement does not contemplate the recognition of crimes by the aforementioned companies, analysts emphasize that this route was chosen to avoid much more catastrophic consequences.
TV Media Group Inc. and Saraca Media Group Inc. They also agreed on a cessation order and compensation for the USD $ 434 million raised during the sale of the aforementioned tokens, in addition to the payment of fines for USD $ 30 million due to civil lawsuits. For its part, Voice of Guo It will also close its doors but the return will be equivalent to some USD $ 52 million, plus the payment of an additional USD $ 5 million to compensate those affected.
These latest agreements reached with the SEC They are part of the increasingly rigorous monitoring that the agency does, especially on companies and companies that launched their tokens in pre-sale during the boom of the ICO. Let us bear in mind that a former prosecutor of the regulatory entity assured that it will do everything possible to control the cryptocurrency space, and we see this even closer amid the constant notices directed at projects DeFi, in which it highlights that these could fall within its jurisdiction.
Version by Angel Di Matteo / DailyBitcoin
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