{"id":"court_sdny_10_1","court":"SDNY","case_no":"","doc_number":10,"sub_number":null,"doc_type":"DOC","filed_date":"2023-03-29","title":"SDNY ECF 10","summary_zh":null,"summary_en":null,"body_en":"Approved: ________________________________________\nRyan Finkel / Juliana Murray / Micah Fergenson\nAssistant United States Attorneys\nBefore: THE HONORABLE GABRIEL W. GORENSTEIN\nUnited States Magistrate Judge 23 MAG 2007\nSouthern District of New York\n-- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - X\n:\nSEALED COMPLAINT\n:\nUNITED STATES OF AMERICA\n:\nViolations of\n:\n-v. - 18 U.S.C. §§ 371, 1343, 1957 and 2;\n:\n15 U.S.C. §§ 78j(b) & 78ff; and\n:\nYANPING WANG, 17 C.F.R. § 240.10b-5\n:\na/k/a “Yvette,”\n:\nCOUNTY OF OFFENSE:\n:\nDefendant. NEW YORK\n:\n-- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - X\nSOUTHERN DISTRICT OF NEW YORK, ss.:\nSpecial Agent Nicholas DiMarino, being duly sworn, deposes and says that he is a Special\nAgent with the Federal Bureau of Investigation (“FBI”), and charges as follows:\nCOUNT ONE\n(Conspiracy to Commit Wire Fraud and Securities Fraud)\n1. From at least in or about 2018 up to and including at least in or about March 2023,\nin the Southern District of New York and elsewhere, YANPING WANG, a/k/a “Yvette,” the\ndefendant, and others known and unknown, willfully and knowingly combined, conspired,\nconfederated, and agreed together and with each other to commit offenses against the United\nStates, to wit, (1) wire fraud, in violation of Title 18, United States Code, Section 1343; and\n(2)securities fraud, in violation of Title 15, United States Code, Sections 78j(b) & 78ff, and Title\n17, Code of Federal Regulations, Section 240.10b-5.\n2. It was a part and an object of the conspiracy that YANPING WANG, a/k/a\n“Yvette,” the defendant, and others known and unknown, knowingly having devised and intending\nto devise a scheme and artifice to defraud, and for obtaining money and property by means of false\nand fraudulent pretenses, representations, and promises, would and did transmit and cause to be\ntransmitted by means of wire, radio, and television communication in interstate and foreign\ncommerce, writings, signs, signals, pictures, and sounds for the purpose of executing such scheme\nand artifice, in violation of Title 18, United States Code, Section 1343, to wit, WANG conspired\nwith others to obtain victims’ money through the use of materially false information and\nmisrepresentations transmitted over interstate wires, in connection with the unregistered offering\n\nof common stock of GTV Media Group, Inc. (“GTV”) via a private placement (the “GTV Private\nPlacement).\n3. It was further a part and an object of the conspiracy that YANPING WANG, a/k/a\n“Yvette,” the defendant, and others known and unknown, willfully and knowingly, directly and\nindirectly, by use of a means and instrumentality of interstate commerce and of the mails, and of\na facility of a national securities exchange, used and employed, in connection with the purchase\nand sale of a security registered on a national securities exchange and any security not so\nregistered, a manipulative and deceptive device and contrivance, in violation of Title 17, Code of\nFederal Regulations, Section 240.l0b-5, by (a) employing a device, scheme and artifice to defraud;\n(b) making an untrue statement of material fact and omitting to state a material fact necessary in\norder to make the statement made, in light of the circumstances under which it was made, not\nmisleading; and (c) engaging in an act, practice and course of business which operated and would\noperate as a fraud and deceit upon a person, to wit, WANG conspired with others to fraudulently\ninduce investors to participate in the GTV Private Placement by providing materially false and\nmisleading information and representations in connection with purported shares of GTV’s\ncommon stock.\n4. In furtherance of the conspiracy and to effect its illegal objects, YANPING WANG,\na/k/a “Yvette,” the defendant, and others known and unknown, committed the following overt act,\namong others, in the Southern District of New York and elsewhere:\na. On or about June 5, 2020, WANG, while located in the Southern District of New\nYork, authorized a wire transfer of $100 million of fraud proceeds to a particular hedge fund.\n(Title 18, United States Code, Section 371.)\nCOUNT TWO\n(Wire Fraud)\n5. From at least in or about April 2020 up to and including at least in or about March\n2021, in the Southern District of New York and elsewhere, YANPING WANG, a/k/a “Yvette,”\nthe defendant, knowingly having devised and intending to devise a scheme and artifice to defraud,\nand for obtaining money and property by means of false and fraudulent pretenses, representations,\nand promises, transmitted and caused to be transmitted by means of wire, radio, and television\ncommunication in interstate and foreign commerce, writings, signs, signals, pictures, and sounds,\nfor the purpose of executing such scheme and artifice, to wit, WANG conducted the GTV Private\nPlacement to sell GTV stock and fraudulently obtain money from victims through false statements\nand misrepresentations, which scheme was furthered through electronic communications and\nmonetary transfers to and from the Southern District of New York and elsewhere.\n(Title 18, United States Code, Sections 1343 and 2.)\n2\n\nCOUNT THREE\n(Securities Fraud)\n6. From at least in or about April 2020 up to and including at least in or about March\n2021, in the Southern District of New York, and elsewhere, YANPING WANG, a/k/a “Yvette,”\nthe defendant, willfully and knowingly, directly and indirectly, by use of a means and\ninstrumentality of interstate commerce and of the mails, and of a facility of a national securities\nexchange, used and employed, in connection with the purchase and sale of a security registered on\na national securities exchange and any security not so registered, a manipulative and deceptive\ndevice and contrivance, in violation of Title 17, Code of Federal Regulations, Section 240.10b-5,\nby (a) employing a device, scheme and artifice to defraud; (b) making an untrue statement of\nmaterial fact and omitting to state a material fact necessary in order to make the statement made,\nin light of the circumstances under which it was made, not misleading; and (c) engaging in an act,\npractice and course of business which operated and would operate as a fraud and deceit upon a\nperson, to wit, WANG conducted the GTV Private Placement to sell GTV stock and fraudulently\nobtain money from victims through false statements and misrepresentations, which scheme was\nfurthered through electronic communications and monetary transfers to and from the Southern\nDistrict of New York and elsewhere.\n(Title 15, United States Code, Sections 78j(b) & 78ff; Title 17, Code of Federal Regulations,\nSection 240.10b-5; and Title 18, United States Code, Section 2.)\nCOUNT FOUR\n(Unlawful Monetary Transaction)\n7. On or about June 5, 2020, YANPING WANG, a/k/a “Yvette,” the defendant, in the\nSouthern District of New York and elsewhere, within the United States, knowingly engaged and\nattempted to engage in a monetary transaction, as defined in Title 18, United States Code, Section\n1957(f)(1), in criminally derived property of a value greater than $10,000 that was derived from\nspecified unlawful activity, to wit, WANG, while located in the Southern District of New York,\nauthorized a wire transfer of $100 million of fraud proceeds to a particular hedge fund.\n(Title 18, United States Code, Sections 1957 and 2.)\nThe bases for my knowledge and for the foregoing charges are, in part, as follows:\n8. I am a Special Agent with the FBI and I have been personally involved in the\ninvestigation of this matter. This affidavit is based upon my personal participation in the\ninvestigation of this matter, and my conversations with law enforcement officers, law enforcement\nemployees, and witnesses, as well as a review of documents. Because this affidavit is being\nsubmitted for the limited purpose of establishing probable cause, it does not include all the facts\nthat I have learned during the course of my investigation. Where the actions, statements, and\nconversations of others are reported herein, they are reported in substance and in part, except where\notherwise indicated.\n3\n\nOverview\n9. Based on my involvement in this investigation, my review of documents,\nconversations with witnesses, and other law enforcement officers, I have learned the following, in\nsubstance and in part:\na. Between in or about April 2020 and in or about June 2020, YANPING\nWANG, a/k/a “Yvette,” the defendant, and others known and unknown, fraudulently obtained\napproximately $452 million in victim funds through an illegal private stock offering related to\nGTV. WANG was an Executive Director of GTV and was one of the key individuals responsible\nfor transferring the money raised from the GTV Private Placement. Rather than investing the\nfunds raised through the GTV Private Placement as the defendant, and others, had promised to\nvictim-investors, WANG, and others known and unknown, misappropriated approximately\n$100,000,000 into a high-risk hedge fund for the ultimate benefit of a close family relative of one\nof WANG’s co-conspirators. WANG well knew that funds from the GTV Private Placement\ncould not be used to invest in a high-risk hedge fund. Indeed, when WANG sought to open a bank\naccount comprised of funds raised from the GTV Private Placement, WANG stated to a bank, in\npart, that such “funds of GTV Media Group [ ] are strickly [sic] for operational purposes and\nacquisitions.”\nThe GTV Private Placement\n10. Based on my review of documents, videos, conversations with witnesses, and other\nlaw enforcement officers, I have learned the following, in substance and in part:\na. On or about April 21, 2020, a co-conspirator not named herein (“CC-1”)1\nposted, and caused to be posted, a video on social media (the “Video”) announcing the unregistered\noffering of GTV common stock via a private placement (the “GTV Private Placement”). CC-1\nhas a substantial online following, and the Video was viewed by thousands of individuals.\nb. Based on my review of the Video, I have learned that, in the Video, CC-1\ndescribed, in substance and in part, the investment terms for the GTV Private Placement and\ndirected people to contact CC-1, via a mobile messaging application, with any questions about the\nGTV Private Placement. The Video and GTV Private Placement materials—including the written\n“Confidential Information Memorandum” (the “PPM”), Subscription Agreement, and Investment\nProcedure Guidelines—were transmitted to thousands of potential investors, including those in the\nSouthern District of New York, via mobile messaging applications, social media, and text\nmessages.\nc. Based on my review of the PPM, I have learned that the PPM promoted\nGTV as the “first ever platform which will combine the power of citizen journalism and social\nnews with state-of-the-art technology, big data, artificial intelligence, block-chain technology and\n1 CC-1 has been charged in eleven counts in an Indictment filed in this District with\nconspiring to commit wire fraud, securities fraud, bank fraud, and money laundering; and\ncommitting wire fraud, bank fraud and money laundering in connection with, among other\nconduct, the GTV Private Placement discussed herein.\n4\n\nreal-time interactive communication.” The PPM also contained the following representations, in\nsubstance and in part, among others:\ni. The GTV Private Placement was for investors who were “interested\nin evaluating an opportunity to invest capital into GTV”;\nii. GTV planned to use the proceeds raised from the GTV Private\nPlacement “to expand and strengthen the business;” and\niii. The PPM included a chart itemizing the “contemplated use of\nproceeds” raised from the GTV Private Placement:\nd. The PPM identified three “Executive Directors” of GTV. The first\nExecutive Director identified was “Yvette Y. Wang”— i.e., YANPING WANG, a/k/a “Yvette,”\nthe defendant. The PPM described WANG as “experienced in management, financial investment\nand merger and acquisition” and “instrumental in building Saraca’s media business.” 2 Elsewhere\nin the PPM, WANG was described as “key personnel” for GTV. The PPM further stated, in part,\nthat GTV’s “success depends in part upon the continued services of [its] key executive officers,\nincluding Yvette Wang” and two other particular individuals, including another coconspirator not\nnamed herein (“CC-2”).\ne. Based on conversations with witnesses who previously worked for CC-1, I\nhave learned, in substance and in part, that WANG has had a close personal relationship with\nCC-1. In particular, WANG has worked for CC-1 and CC-1’s family for several years, since at\nleast in or about 2018. Indeed, based on documents I have reviewed, I have learned that WANG\nis the President, Treasurer, and Secretary of an entity that manages CC-1’s purportedly vast\npersonal wealth.\n2 “Saraca” refers to “Saraca Media Group,” which is identified in the PPM as GTV’s parent\ncompany.\n5\n\nWANG Received and Transferred Fraud Proceeds\n11. Based on my review of videos and documents, including bank records and\nsubpoena returns, my conversations with witnesses and other law enforcement officers, open-\nsource research on the Internet, and my participation in this investigation, I have learned the\nfollowing, in substance and in part:\na. On or about July 24, 2018, YANPING WANG, a/k/a “Yvette,” the\ndefendant, opened a particular bank account in the name of Saraca (“Account-5601”). Account\nopening documents for Account-5601, which I have reviewed, identify WANG as “Acting\nSecretary” for Saraca. On or about May 21, 2020, WANG signed an additional business signature\ncard for Account-5601, in which WANG identified herself as “President” of Saraca. As of at least\nthat date, Account-5601 was held in the name of “Saraca Media Group DBA Himalaya Dollar.”\nThere are no other authorized signatories on Account-5601.\nb. On or about July 24, 2018, WANG opened another particular bank account\nin the name of “Saraca Media Group Inc.” (“Account-2038”). Account opening documents for\nAccount-2038 identity WANG as “Acting Secretary” for Saraca. On or about May 21, 2020,\nWANG signed an additional business signature card for Account-2038 and identified herself as\n“President.” As of at least that date, Account-2038 was held in the name of “Saraca Media Group\nDBA Himalaya Dollar.” On or about June 3, 2020, WANG signed an additional business signature\ncard for Account-2038 and, again, identified herself as “President” of Saraca. There are no other\nauthorized signatories on Account-2038.3\nc. Both Account-5601 and Account-2038 are held by a particular bank, which\nis headquartered int Manhattan (“Bank-1”).\nd. Between on or about April 20, 2020, and on or about June 2, 2020,\napproximately $452 million worth of GTV common stock was purportedly sold to more than 5,500\ninvestors located in the United States, including in the Southern District of New York, and abroad.\nInvestors participated in the GTV Private Placement based, in part, on the belief that their money\nwould be invested into GTV to develop and grow that business, as the PPM promised.\ne. In or about April 2020, Account-5601 received approximately 291 deposits\nand transfers totaling approximately $32,543,000. Most of these deposits and transfers were\ninvestments made by individuals seeking to participate in the GTV Private Placement. The\ntransfers appear to be from individuals located throughout the world, and many deposits and\ntransfers bear reference or memo information referring to the GTV Private Placement. For\nexample, memo lines state, among other things, in substance and in part: “Gtv Investment,” “Stock\nSubscription,” “Investment,” “G- Tv Common Stock Subscription,” “InvestmeNt [sic],”\n“Investment To G- Tv [sic],” and “Gtv Stockpurchase.” On or about April 30, 2020, the balance\nof Account-5601 was approximately $32,474,000.\nf. In or about May 2020, Account-5601 received approximately 2,450\ndeposits and transfers totaling approximately $291,899,000. Most of these deposits and transfers\n3 Based on bank records, CC-2 appears to have an online banking account with access to\nAccount-5601 and Account-2038.\n6\n\nwere investments made by individuals seeking to participate in the GTV Private Placement. Like\nthe prior month’s deposits and transfers, the transfers in or about May 2020 appear to be from\nindividuals located throughout the world, and many bear reference or memo information referring\nto the GTV Private Placement. For example, memo lines state, among other things, in substance\nand in part: “Capital Injection Infusion,” “To Inves Stment [sic],” “Private Placement Investment,”\n“Gtv Media Investment,” “Gtv Inv,” and “Additional Stock Purchase.” On or about May 29, 2020,\nthe balance of Account-5601 was approximately $313,213,000.\nThe Misappropriation\n12. Based on my review of documents, conversations with witnesses, and other law\nenforcement officers, I have learned the following, in substance and in part:\na. On or about June 3, 2020, YANPING WANG, a/k/a “Yvette,” the\ndefendant, signed a “Subscription Agreement” in her capacity as “President” of Saraca. Pursuant\nto the Subscription Agreement, Saraca agreed to invest $100,000,000 into a high-risk hedge fund\n(“Fund-1”). In the Subscription Agreement, WANG identified Account-5601 as the bank account\nfrom which Saraca’s capital contribution would be wired. WANG further identified herself as the\nonly “Authorized Signatory” of Account-5601. In or about the morning of June 3, 2020, an\nemployee of the Fund-1 investment manager confirmed receipt of the signed subscription\ndocuments.\nb. Also, on or about June 3, 2020, $100,000,000 was transferred from\nAccount-5601 to Account-2038. Prior to the transfer, the balance of Account-2038 was $0. Based\non bank records, this $100,000,000 transfer was conducted online by the user “yvettewang2018,”\nwhich is WANG’s Bank-1 online banking user ID. While authorizing that transfer, WANG was\nlogged into WANG’s Bank-1 online account from an IP address that geolocates to Manhattan.\nc. On or about June 5, 2020, WANG authorized a $100,000,000 wire transfer\nfrom Account-20384 to a bank account associated with Fund-1. This $100,000,000 transfer to a\nFund-1 bank account consisted of proceeds from investors in the GTV Private Placement. As\ndescribed above, the PPM did not contemplate using investor funds to invest into a high-risk hedge\nfund. The PPM also did not contemplate using investor funds for the benefit of companies other\nthan GTV, including Saraca, whose ultimate beneficial owner is a close relative of CC-1.\nWANG Transfers Additional Fraud Proceeds to Other Bank Accounts\n13. Based on my review of documents and videos, my conversations with witnesses\nand other law enforcement officers, and my participation in this investigation, I have learned the\nfollowing, in substance and in part:\na. On or about May 20, 2020, YANPING WANG, a/k/a “Yvette,” the\ndefendant, and CC-2 opened an account in the name of GTV (“Account-6691”). Account-6691\nwas opened at a particular FDIC-insured bank (“Bank-2”). WANG and CC-2 were the only\n4 Although the Subscription Agreement identified Account-5601 as the source of the capital\ncontribution, the transfer originated from Account-2038.\n7\n\nauthorized signatories for Account-6691. In account opening documents, WANG was identified\nas “Director” of GTV. The account opening documents further stated that the intended balance of\nAccount-6691 would be between $25,000 to $50,000.\nb. On or about June 3, 2020, Account-5601 transferred $200,000,000 to\nAccount-6691. The reference line for this transfer read, in part, “Gtv Private Placement.” Just\nprior to this transfer Account-6691’s balance was $0.\nc. On or about June 9, 2020, Account-2038 transferred $38,000,000 to\nAccount-6691. That $38,000,000 was made up of investor funds from the GTV Private Placement\nfirst sent to Account-5601 and another particular Bank-1 account, which were then transferred,\nfrom on or about June 3, 2020 through on or about June 9, 2020, to Account-2038. Thus, as of on\nor about June 10, 2020, the full $237,999,9705 in Account-6691 was compromised of proceeds\nfrom the GTV Private Placement.\nd. On or about June 9, 2020, approximately $30,906 was wired from\nAccount-5601 to a bank account in the name of “Yanping Wang.” The reference line for this wire\ntransfer stated, in part, “Director Fee.”\ne. Starting in or about June 2020, domestic banks that held accounts used to\nprocess the funds raised through the GTV Private Placement began to freeze and close GTV-\nassociated bank accounts (including bank accounts held in the name of Saraca) because, among\nother reasons, the accounts had received dozens of large incoming wire transfers, some of which\nreferenced the unregistered GTV Private Placement. Banks closings were also due to concerns\nabout money movements to and from GTV-associated and Saraca-associated accounts, which\nraised questions about the propriety of the incoming transfers.\nf. On or about July 10, 2020, Bank-2 closed Account-6691 and provided the\naccount holders, including WANG, one check in the amount of $137,999,970 (“Check-1”) and a\nsecond check in the amount of $100,000,000 (“Check-2”).\ng. In or about July 2020, WANG and others known and unknown attempted\nto open a bank account in the name of GTV at a particular bank (“Bank-3”). In connection with\nthat attempt, on or about July 20, 2020, WANG signed an “Enhanced Diligence Request” which\ncontained information about the purpose for which the Bank-3 account would be used. WANG\nsigned the “Enhanced Diligence Request” in her capacity as “Director” of GTV.\nh. In the “Enhanced Diligence Request,” WANG stated, in substance and in\npart, that the initial deposit into the account would “be approximately $138 million that was raised\nfrom private placement in the form of a cashiers check.” According to WANG, “Saraca Media\nGroup was the recipient of [GTV] Private Placement funds on behalf of GTV (guided by [law\nfirm] in [Bank-1]. Saraca Media Group transferred the funds to GTV ([Bank-2]).” WANG further\nstated, in substance and in part, that “[t]he funds in the account are funds of GTV Media Group\nand are strickly [sic] for operational purposes and acquisitions.” Accordingly, WANG well knew\nthat the funds raised from the GTV Private Placement could not be invested in a high-risk hedge\nfund held for the benefit of CC-1’s close relative.\n5 Bank-3 debited $30 from Account-6691 for the two incoming wire transfers.\n8\n\nWHEREFORE, I respectfully request that a warrant be issued for the arrest of YANPING\nWANG, a/k/a “Yvette,” the defendant, and that she be arrested, and imprisoned or bailed, as the\ncase may be.\n/s/ Nicholas DiMarino (sworn telephonically)\n______________________________\nNicholas DiMarino\nSpecial Agent\nFederal Bureau of Investigation\nSworn to me through the transmission of\nthis Complaint by reliable electronic\nmeans (telephone), this _1_0_ day of March, 2023.\n___________________________________\nTHE HONORABLE GABRIEL W. GORENSTEIN\nUnited States Magistrate Judge\nSouthern District of New York\n9","body_zh":null,"key_entities":[],"ecf_references":[],"word_count":3652,"status":"published","published_at":"2023-03-29 00:00:00","created_at":"2023-03-29","updated_at":"2026-07-06 17:58:05"}