{"id":"court_sdny_799_2","court":"SDNY","case_no":"23-cr-00118","doc_number":799,"sub_number":2,"doc_type":"ORDER","filed_date":null,"title":"Exhibit B UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION","summary_zh":"SEC 停止与戒止令 —— 美国诉 Ho Wan Kwok（郭文贵/Guo Wengui/Miles Guo）案，SDNY 1:23-cr-00118 ECF #799（呈示为证据 B）。SEC 针对 GTV Media Group、Saraca Media Group 和 Voice of Guo Media 下达停止与戒止令，因其 2020 年 4 月至 7 月进行未注册证券发行（GTV 股票发行和 G-Coins/G-Dollars 数字资产发行）。","summary_en":"SEC Cease-and-Desist Order — United States v. Ho Wan Kwok (Miles Guo / Guo Wengui), SDNY 1:23-cr-00118 ECF #799 (Exhibit B). SEC institutes cease-and-desist proceedings under Securities Act § 8A against GTV Media Group, Saraca Media Group, and Voice of Guo Media for conducting unregistered securities offerings April–July 2020 (GTV stock offering and G-Coins/G-Dollars digital asset offering).","body_en":"# **Exhibit B**\n\n### **UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION**\n\n#### **SECURITIES ACT OF 1933 Release No. 10979 / September 13, 2021**\n\n#### **ADMINISTRATIVE PROCEEDING File No. 3-20537**\n\n**In the Matter of**\n\n**GTV MEDIA GROUP, INC., SARACA MEDIA GROUP, INC., and VOICE OF GUO MEDIA, INC.,**\n\n**Respondents.**\n\n# **ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933, MAKING FINDINGS, AND IMPOSING A CEASE-AND-DESIST ORDER**\n\n**I.**\n\nThe Securities and Exchange Commission (\"Commission\") deems it appropriate that ceaseand-desist proceedings be, and hereby are, instituted pursuant to Section 8A of the Securities Act of 1933 (\"Securities Act\") against GTV Media Group, Inc. (\"GTV\"), Saraca Media Group, Inc. (\"Saraca,\" and together with GTV, the \"G Entities\"), and Voice of Guo Media, Inc. (\"VOG\") (collectively, \"Respondents\").\n\n#### **II.**\n\nIn anticipation of the institution of these proceedings, Respondents have submitted Offers of Settlement (\"Offers\") which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over them and the subject matter of these proceedings, which are admitted, Respondents consent to the entry of this Order Instituting Cease-and-Desist Proceedings Pursuant To Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-And-Desist Order (\"Order\"), as set forth below.\n\n# **III.**\n\nOn the basis of this Order and Respondents' Offers, the Commission finds[1](#page-2-0) that:\n\n# **Summary**\n\n1. This proceeding involves violations of the Securities Act registration provisions by Respondents. From approximately April 2020 through June 2020, Respondents generally solicited thousands of individuals to invest in an offering of GTV common stock (the \"Stock Offering\"). During the same period, the G Entities solicited individuals to invest in their offering of a digital asset security that was referred to as either G-Coins or G-Dollars (the \"Coin Offering\"). As a result of these two unregistered securities offerings, whose proceeds were commingled, Respondents collectively raised approximately \\$487 million from more than 5,000 investors, including individuals in the United States, through approximately July 2020.\n\n2. According to the Stock Offering's information memorandum (\"Memorandum\"), the G Entities recently launched a news-focused social media platform, including the website *[www.gtv.org.](htt)* The Memorandum claimed it would be \"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\" and planned to be \"the only uncensored and independent bridge between China and the Western world.\"\n\n3. Respondents disseminated information about the two offerings to the general public through publicly-available videos on the G Entities' websites, *[www.gtv.org](htt)* and *[www.gnews.org](htt)* as well as on social media platforms such as YouTube and Twitter. With respect to the Stock Offering, Respondents provided prospective investors with access to Google Drives that contained investment agreements and wire instructions for investors to send funds to purchase securities, while the G Entities solicited investments in the Coin Offering on the G Entities' public websites, social media platforms, and mobile applications.\n\n4. The G Entities touted the Coin Offering as an investment opportunity with a likelihood of significant returns based on the G Entities' ability to develop an online platform through which investors would be able to transact using either G-Coins or G-Dollars. To date, the G Entities have not developed their social media platform's ability to accept payment using digital assets or otherwise exchange any digital assets, including those offered in the Coin Offering.\n\n5. Through both the Stock Offering and the Coin Offering, the G Entities violated Sections 5(a) and 5(c) of the Securities Act by offering and selling securities without having a registration statement filed or in effect with the Commission or qualifying for an exemption from registration.\n\n<span id=\"page-2-0\"></span> <sup>1</sup> The findings herein are made pursuant to Respondents' Offers of Settlement and are not binding on any other person or entity in this or any other proceeding.\n\n## **Respondents**\n\n6. GTV, a Delaware corporation based in New York, New York, owns and operates a social media platform, containing numerous publicly-available videos. Saraca wholly owned GTV prior to the Stock Offering and has controlled GTV at all times since its incorporation in April 2020. Neither GTV nor its securities have ever been registered with the Commission in any capacity.\n\n7. Saraca, a Delaware corporation based in New York, New York, is the parent company of GTV. Saraca sold a minority stake of its ownership interest in GTV through the Stock Offering. Neither Saraca nor its securities have ever been registered with the Commission in any capacity.\n\n8. VOG, an Arizona corporation based in Phoenix, Arizona, provided various support services, including translation services, to the G Entities. VOG is not registered with the Commission in any capacity.\n\n### **Facts**\n\n9. On April 17, 2020, Saraca established GTV as a wholly-owned subsidiary to own and operate a news-focused social media platform that was still in development. Saraca contributed all assets of the platform to GTV. Saraca's president and sole director at the time was named as one of GTV's executive directors and the two companies shared the same headquarters in New York, New York. Almost immediately after the creation of GTV, the G Entities initiated two unregistered securities offerings: the Stock Offering and the Coin Offering.\n\n## **The Stock Offering**\n\n10. On April 20, 2020, the G Entities launched the Stock Offering to sell between 20 million and 200 million shares of GTV common stock at a price of \\$1 per share. The Stock Offering offered to sell up to 10% of Saraca's 100% ownership interest in GTV. The Memorandum informed prospective investors that Saraca would continue to exert significant control over GTV after the Stock Offering.\n\n## *The G Entities Solicited the General Public to Invest in the Stock Offering*\n\n11. From approximately April 20, 2020 through June 2, 2020, the G Entities, through their management team and agents, marketed the Stock Offering to the general public through a series of publicly-available videos on GTV's websites, *[www.gtv.org](htt)* and *[www.gnews.org](htt)*, as well as YouTube, Twitter, and other social media platforms that constitute general solicitation. The first video, posted on YouTube on April 21, 2020, was entitled, as translated into English, \"GTV Private Placement Subscription Instructions\" (the \"Launch Video\"). The Launch Video described the investment terms for the Stock Offering and provided a mobile phone number for potential investors to use for inquiries about the offering. The Launch Video has had over 4,000 views. None of the G Entities' offering videos, including the Launch Video, were password protected or\n\nplaced any restriction on who could view them or any limitations on their ability to be shared. As a result, the general public, including prospective U.S. investors, accessed the online marketing videos about the Stock Offering through, for example, independent online research, social media, or referrals from other investors. While the Launch Video stated that the Stock Offering had a minimum investment of \\$100,000, many investors invested less than \\$100,000, as discussed below.\n\n12. Further, the G Entities sent the Launch Video via text messages to hundreds of prospective individual investors with a link to a Google Drive folder that contained additional offering materials for the Stock Offering, such as the information memorandum, subscription agreement, and investment instructions. The G Entities, which owned and controlled the Google Drive folder, did not put any restrictions on the recipients' ability to forward the Google Drive folder or its contents, which were not password-protected, to other prospective investors.\n\n13. In total, the G Entities sold approximately \\$339 million worth of GTV common stock to more than 1,000 investors, including U.S. investors. Some of these investors were unaccredited. Pursuant to the Stock Offering's investment instructions, the vast majority, if not all, of the offering proceeds were deposited directly to U.S. bank accounts in the name of Saraca.\n\n14. On or around June 5, 2020, Saraca transferred \\$100 million of the Stock Offering proceeds to Hedge Fund A for purposes of investing in the fund. Hedge Fund A's investment strategy involves taking positions in various Asian currencies, particularly the Hong Kong dollar, versus certain developed market currencies through foreign currency forward and option contracts. By late July 2020, Hedge Fund A had invested \\$30 million of Saraca's \\$100 million transfer and, to date, that \\$30 million investment in Hedge Fund A has lost approximately \\$29.2 million in value.\n\n# *VOG Offered and Sold GTV Stock*\n\n15. VOG engaged in steps necessary to the distribution of the Stock Offering. Specifically, the G Entities, through their management team and agents, directed VOG to purchase GTV stock from the G Entities on behalf of prospective investors who wanted to invest less than \\$100,000. VOG then solicited investors and collected investor funds for the purpose of purchasing shares of GTV stock on their behalf. There was no minimum investment amount to invest in the Stock Offering through VOG and investment amounts were generally in the amount of \\$100 or more.\n\n16. To help facilitate VOG's role in offering and selling of GTV stock, the G Entities gave VOG a one-page Limited Purpose Agency Agreement (\"LPAA\") to provide to prospective investors in the Stock Offering. The LPAA specified that, in return for minimal consideration, a representative of VOG would serve as a so-called \"agent\" for an investor and purchase GTV shares on behalf of the investor in exchange for funds provided by the investor.\n\n17. In response to inquiries received from prospective investors about the Stock Offering, VOG sent prospective investors a text message with a link to a folder on its Google Drive that contained the LPAA as well as wire instructions to a VOG bank account, but not any other\n\noffering documents or financial information about the G Entities. VOG did not put any restrictions on prospective investors' ability to forward the Google Drive folder or its contents, which were not password-protected, to other prospective investors.\n\n18. As part of the Stock Offering, VOG sold approximately \\$114 million in GTV stock to more than 4,500 investors, including U.S. investors. None of these investors ultimately was issued GTV shares. Many of these investors were unaccredited.\n\n19. At the direction of the G Entities, VOG transferred a total of \\$61,274,318 in funds received from investors through the Stock Offering to bank accounts of the G Entities. Specifically, on May 15, 2020, VOG provided separate \\$15 million checks each to GTV and Saraca. VOG also provided Saraca with a check for \\$31,274,318 that Saraca deposited on or about July 22, 2020. VOG continued to receive funds from investors for the purchase of GTV stock through at least June 2020.\n\n20. During the Stock Offering, VOG provided the G Entities with updates on its fundraising efforts and amounts collected from investors.\n\n21. Based on the above, VOG engaged in steps necessary for the distribution of GTV stock and therefore offered and sold GTV stock.\n\n*Respondents' Conduct Violated the Offering Registration Provisions of the Securities Act*\n\n22. No registration statements were filed or in effect for the Respondents' offers and sales of GTV common stock, and the offers and sales did not qualify for an exemption from registration under the Securities Act.\n\n23. As a result of the conduct described above, Respondents violated Section 5(a) of the Securities Act, which states that \"[u]nless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly, (1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such a security through the use or medium of any prospectus or otherwise, or (2) to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale.\"\n\n24. As a result of the conduct described above, Respondents violated Section 5(c) of the Securities Act, which states that \"[i]t shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security.\"\n\n# **The Coin Offering**\n\n## *The G Entities Solicited the General Public to Invest in the Coin Offering*\n\n25. From approximately April 1, 2020 through June 30, 2020, the G Entities, through their management team and agents, marketed the sale of G-Coins and G-Dollars to the general public through online videos on YouTube, Twitter, and other video-sharing and social media platforms. The G Entities have yet to develop or distribute the digital assets sold in the Coin Offering or a platform that would allow users to transact with or sell digital assets.\n\n26. The G Entities' online promotions set forth that G-Coins, which the G Entities' indicated would eventually be merged into G-Dollars forming a single digital asset, and G-Dollars would be usable to purchase goods or services or exchange for gold or fiat currency on the G Entities' online platform. As part of its solicitation of G-Coin and G-Dollar investors, the G Entities did not provide investors with financial information about the plan to develop any digital asset or platform, or any written offering materials, including, for example, a white paper or private placement memorandum.\n\n27. The G Entities collected approximately \\$34 million from the G-Coin and G-Dollar investors, pooling the proceeds in the G Entities' bank accounts and commingling them with proceeds from the Stock Offering. As part of the Coin Offering, many investors received a 20% discount on the \\$.01 purchase price for G-Coins and G-Dollars. Investors participated in the Coin Offering by transferring funds directly to the G Entities' U.S. bank accounts, by making payments to the G Entities' accounts on online payment platforms, by making purchases via the Apple App Store, or by writing checks. The vast majority of G-Coin and G-Dollar investors invested no more than \\$10,000 per investor, and the G Entities never inquired as to the financial or investment background of these investors.\n\n### *Investors in the Coin Offering had a Reasonable Expectation of Obtaining a Future Profit from the Efforts of the G Entities*\n\n28. The G Entities promoted the sale of G-Coins and G-Dollars as an opportunity to obtain future profits from the efforts of the G Entities' management team and agents in the development of a digital asset and platform, and purchasers would have reasonably expected that they would profit from the G Entities' efforts. In the G Entities' online solicitations, the G Entities referred to G-Coin and G-Dollar purchases as \"investments\" and highlighted the likelihood of significant return on capital on the investment. In their online videos, the G Entities also discussed their view of the anticipated liquidity of G-Coins and G-Dollars on the GTV online platform, and their plan to allow users to exchange G-Coins and G-Dollars for fiat currency and goods and services available through the platform. At the time of the Coin Offering, the G Entities also discussed plans to develop the GTV online platform's capability to process transactions using G-Coins and G-Dollars and touted the \"management, financial, investment, and merger and acquisition\" experience of the G Entities' management team and agents. In fact, the Coin Offering's online materials stated that the GTV team would be \"making an all-out effort to completely upgrade the G-Dollar system.\" The Memorandum also stated that the G Entities and their management team planned to build a platform that \"will utilize state-of-the-art technology\n\nincluding big data, artificial intelligence, 5G, and the blockchain payment system (G coin).\"\n\n## *The G Entities Offered and Sold G-Coins and G-Dollars in Violation of the Securities Act*\n\n29. Based on the above, the G Entities offered and sold G-Coins and G-Dollars as investment contracts and therefore securities pursuant to *SEC v. W. J. Howey Co.*, 328 U.S. 293 (1946), and its progeny, including the cases discussed by the Commission in its *Report of Investigation Pursuant To Section 21(a) of the Securities Exchange Act of 1934: The DAO*  (Exchange Act Rel. No. 81207) (July 25, 2017) (the \"DAO Report\").\n\n30. No registration statements were filed or in effect for the G Entities' offers and sales of securities as part of the Coin Offering, and the offers and sales did not qualify for an exemption from registration under the Securities Act.\n\n31. As a result of the conduct described above, the G Entities violated Section 5(a) of the Securities Act, which states that \"[u]nless a registration statement is in effect as to a security, it shall be unlawful for any person, directly or indirectly, (1) to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such a security through the use or medium of any prospectus or otherwise, or (2) to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale.\"\n\n32. As a result of the conduct described above, the G Entities violated Section 5(c) of the Securities Act, which states that \"[i]t shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security.\"\n\n## **Disgorgement and Civil Penalties**\n\n33. The disgorgement and prejudgment interest ordered in paragraph IV is consistent with equitable principles and does not exceed each Respondent's net profits from its violations, and will be distributed to harmed investors to the extent feasible. The Commission will hold funds paid pursuant to paragraph IV in an account at the United States Treasury pending distribution. Upon approval of the distribution final accounting by the Commission, any amounts remaining that are infeasible to return to investors, and any amounts returned to the Commission in the future that are infeasible to return to investors, may be transferred to the general fund of the U.S. Treasury, subject to Section 21F(g)(3) of the Exchange Act.\n\n### **Undertakings**\n\n- 34. Respondents have undertaken to:\n\t- A. Not participate, directly or indirectly, in any offering of a digital asset\n\nsecurity.\n\nB. Assist the Commission staff in the administration of a distribution plan,\n\nincluding any and all efforts to distribute to affected investors the monetary relief described in paragraph IV below. In connection with such assistance, Respondents will produce, without service or notice of subpoena, any and all documents and other information reasonably requested by the Commission staff.\n\nC. Publish notice of this Order on the G Entities' websites, including, but not limited to, *[www.gtv.org](htt)* and *[www.gnews.org](htt)*, and social media channels, in a form not unacceptable to Commission staff, within 10 days of the date of this Order.\n\nD. Certify, in writing, compliance with the undertaking set forth above in paragraph 34.C. The certification shall identify the undertakings, provide written evidence of compliance in the form of a narrative, and be supported by exhibits sufficient to demonstrate compliance. The Commission staff may make reasonable requests for further evidence of compliance, and Respondents agree to provide such evidence. The certification and supporting material shall be submitted to Sandeep Satwalekar, Assistant Regional Director, Division of Enforcement, with a copy to the Office of Chief Counsel of the Enforcement Division, no later than thirty (30) days from the date of the completion of the undertakings.\n\nE. In determining whether to accept the Offers, the Commission has considered these undertakings.\n\n# **IV.**\n\nIn view of the foregoing, the Commission deems it appropriate to impose the sanctions agreed to in Respondents' Offers.\n\nAccordingly, it is hereby ORDERED that pursuant to Section 8A of the Securities Act:\n\nA. Respondents cease and desist from committing or causing any violations and any future violations of Sections 5(a) and 5(c) of the Securities Act.\n\nB. Respondents shall comply with the undertakings enumerated in paragraph 34 above.\n\nC. Respondents GTV and Saraca shall, within 14 days of the entry of this Order, pay, jointly and severally, disgorgement of \\$434,134,141, and prejudgment interest of \\$15,776,488 to the Securities and Exchange Commission. If timely payment of disgorgement and prejudgment interest is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600.\n\nD. Respondent GTV shall, within 14 days of the entry of this Order, pay a civil penalty of \\$15,000,000 to the Securities and Exchange Commission. If timely payment of penalty is not made, additional interest shall accrue pursuant to 31 U.S.C. §3717.\n\nE. Respondent Saraca shall, within 14 days of the entry of this Order, pay a\n\ncivil penalty of \\$15,000,000 to the Securities and Exchange Commission. If timely payment of penalty is not made, additional interest shall accrue pursuant to 31 U.S.C. §3717.\n\nF. Respondent VOG shall, within 14 days of the entry of this Order, pay disgorgement of \\$52,610,922, prejudgment interest of \\$1,911,877, and a civil penalty of \\$5,000,000 to the Securities and Exchange Commission. If timely payment of disgorgement and prejudgment interest is not made, additional interest shall accrue pursuant to SEC Rule of Practice 600. If timely payment of civil penalty is not made, additional interest shall accrue pursuant to 31 U.S.C. §3717.\n\nPayment by each Respondent must be made in one of the following ways:\n\n- (1) Respondent may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request;\n- (2) Respondent may make direct payment from a bank account via Pay.gov through the SEC website at *<htt>*; or\n- (3) Respondent may pay by certified check, bank cashier's check, or United States postal money order, made payable to the Securities and Exchange Commission and hand-delivered or mailed to:\n\nEnterprise Services Center Accounts Receivable Branch HQ Bldg., Room 181, AMZ-341 6500 South MacArthur Boulevard Oklahoma City, OK 73169\n\nPayments by check or money order must be accompanied by a cover letter identifying Respondent GTV, Saraca, or VOG, respectively, as a Respondent in these proceedings, and the file number of these proceedings; a copy of the cover letter and check or money order must be sent to Sanjay Wadhwa, Senior Associate Regional Director, Securities and Exchange Commission, 200 Vesey Street, Suite 400, New York, New York 10281, or such other person or address as the Commission staff may provide.\n\nG. Pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, a Fair Fund is created for the disgorgement, prejudgment interest, and penalties referenced in paragraph IV above. Amounts ordered to be paid as civil money penalties pursuant to this Order shall be treated as penalties paid to the government for all purposes, including all tax purposes. To preserve the deterrent effect of the civil penalty, each of the Respondents GTV, Saraca, and VOG agrees that in any Related Investor Action, it shall not argue that it is entitled to, nor shall it benefit by, offset or reduction of any award of compensatory damages by the amount of any part of Respondent's payment of a civil penalty in this action (\"Penalty Offset\"). If the court in any Related Investor Action grants such a Penalty Offset, each of the Respondents GTV, Saraca, and VOG agrees that it shall, within 30 days after entry of a final order granting the Penalty Offset, notify the\n\nCommission's counsel in this action and pay the amount of the Penalty Offset to the Securities and Exchange Commission. Such a payment shall not be deemed an additional civil penalty and shall not be deemed to change the amount of the civil penalty imposed in this proceeding. For purposes of this paragraph, a \"Related Investor Action\" means a private damages action brought against Respondents GTV, Saraca, or VOG by or on behalf of one or more investors based on substantially the same facts as alleged in the Order instituted by the Commission in this proceeding.\n\nBy the Commission.\n\nVanessa A. Countryman Secretary","body_zh":"证据 B\n\n美利坚合众国 证券交易委员会（Securities and Exchange Commission）前\n\n1933年《证券法》（Securities Act of 1933）发布编号 10979 / 2021年9月13日\n\n行政程序案号 3-20537\n\n关于\n\nGTV MEDIA GROUP, INC.、SARACA MEDIA GROUP, INC. 及 VOICE OF GUO MEDIA, INC.\n\n被请求人。\n\n依据1933年《证券法》第8A条提起停止及终止程序、作出认定并施加停止及终止命令的命令\n\nI.\n\n证券交易委员会（以下简称“委员会”或“SEC”）认为，依据1933年《证券法》（以下简称“《证券法》”）第8A条对 GTV Media Group, Inc.（以下简称“GTV”）、Saraca Media Group, Inc.（以下简称“Saraca”，并与 GTV 合称为“G 实体”）以及 Voice of Guo Media, Inc.（以下简称“VOG”）（统称为“被请求人”）提起停止及终止程序是适当的，并特此提起该程序。\n\nII.\n\n鉴于提起本程序，被请求人已提交和解提议（以下简称“提议”），委员会已决定接受该提议。仅为本程序及由委员会提起、代表委员会提起或委员会作为当事方的任何其他程序之目的，且在不承认或否认本命令中认定的情况下（除承认委员会对被请求人及本程序标的之管辖权外），被请求人同意按下述内容作出本《依据1933年〈证券法〉第8A条提起停止及终止程序、作出认定并施加停止及终止命令的命令》（以下简称“命令”）。\n\nIII.\n\n根据本命令及被请求人的提议，委员会认定[1]：\n\n概述\n\n1. 本程序涉及被请求人违反《证券法》注册条款的行为。从大约2020年4月至2020年6月，被请求人普遍向数千名个人招揽投资 GTV 普通股的发售（以下简称“股票发售”）。在同一时期，G 实体招揽个人投资其被称为 G-Coins 或 G-Dollars 的数字资产证券发售（以下简称“代币发售”）。由于这两起未注册的证券发售且其收益被混同，被请求人截至大约2020年7月共从5,000多名投资者（包括美国境内的个人）处筹集了约4.87亿美元。\n\n2. 根据股票发售的信息备忘录（以下简称“备忘录”），G 实体近期推出了一个以新闻为主的社交媒体平台，包括网站 www.gtv.org。备忘录声称该平台将是“有史以来第一个将公民新闻与社交新闻的力量与最先进的技术、大数据、人工智能、区块链技术及实时互动通信相结合的平台”，并计划成为“中国与西方世界之间唯一不受审查且独立的桥梁”。\n\n3. 被请求人通过 G 实体网站 www.gtv.org 和 www.gnews.org 上的公开视频，以及 YouTube 和 Twitter 等社交媒体平台，向公众传播有关这两项发售的信息。关于股票发售，被请求人向潜在投资者提供了访问包含投资协议和汇款说明的 Google 云端硬盘（Google Drives）的权限，供投资者汇出资金以购买证券；而 G 实体则在 G 实体的公共网站、社交媒体平台和移动应用程序上招揽对代币发售的投资。\n\n4. G 实体将代币发售吹捧为具有获得高额回报可能性的投资机会，依据是 G 实体有能力开发一个在线平台，投资者将能够通过该平台使用 G-Coins 或 G-Dollars 进行交易。迄今为止，G 实体尚未开发出其社交媒体平台接受使用数字资产付款或以其他方式交换任何数字资产（包括在代币发售中发售的数字资产）的功能。\n\n5. 通过股票发售和代币发售，G 实体在未向委员会提交注册声明或注册声明未生效、且未取得注册豁免资格的情况下发售和销售证券，违反了《证券法》第5(a)条和第5(c)条。\n\n1 本文中的认定是根据被请求人的和解提议作出的，对本程序或任何其他程序中的任何其他个人或实体均不具有约束力。\n\n被请求人\n\n6. GTV 是一家总部位于纽约州纽约市的特拉华州公司，拥有并运营一个包含大量公开视频的社交媒体平台。Saraca 在股票发售前全资拥有 GTV，并自 GTV 于2020年4月成立以来的所有时间均控制 GTV。GTV 及其证券均未以任何身份向委员会进行过注册。\n\n7. Saraca 是一家总部位于纽约州纽约市的特拉华州公司，是 GTV 的母公司。Saraca 通过股票发售出售了其在 GTV 股权中的少数股权。Saraca 及其证券均未以任何身份向委员会进行过注册。\n\n8. VOG 是一家总部位于亚利桑那州凤凰城的亚利桑那州公司，向 G 实体提供各种支持服务，包括翻译服务。VOG 未以任何身份向委员会进行注册。\n\n事实\n\n9. 2020年4月17日，Saraca 设立 GTV 作为全资子公司，以拥有并运营一个仍在开发中的以新闻为主的社交媒体平台。Saraca 将该平台的所有资产投入 GTV。Saraca 当时的总裁兼唯一董事被任命为 GTV 的执行董事之一，两家公司在纽约州纽约市共用同一个总部。在 GTV 成立后几乎立刻，G 实体便发起了两项未注册的证券发售：股票发售和代币发售。\n\n股票发售\n\n10. 2020年4月20日，G 实体推出股票发售，以每股1美元的价格出售2000万至2亿股 GTV 普通股。股票发售提出出售 Saraca 在 GTV 的100%所有权权益中的至多10%。备忘录告知潜在投资者，Saraca 在股票发售之后将继续对 GTV 施加重大控制。\n\nG 实体招揽公众投资股票发售\n\n11. 从大约2020年4月20日至2020年6月2日，G 实体通过其管理团队和代理人，通过 GTV 网站 www.gtv.org 和 www.gnews.org 以及 YouTube、Twitter 和其他构成普遍招揽的社交媒体平台上一系列公开视频，向公众营销股票发售。2020年4月21日发布在 YouTube 上的第一个视频，英文翻译标题为《GTV私募认购说明》（以下简称“发布视频”）。发布视频描述了股票发售的投资条款，并提供了一个手机号码供潜在投资者进行有关该发售的咨询。发布视频已获得超过4,000次观看。G 实体的任何发售视频（包括发布视频）均未设置密码保护，亦未对谁可以观看设置任何限制，或对其分享能力设置任何限制。\n\n结果，公众（包括潜在的美国投资者）通过诸如独立在线搜索、社交媒体或其他投资者的转介，获取了关于股票发售的在线营销视频。虽然发布视频声明股票发售的最低投资额为100,000美元，但如下文所述，许多投资者的投资额低于100,000美元。\n\n12. 此外，G 实体通过短信向数百名潜在个人投资者发送了发布视频，并附有一个 Google 云端硬盘文件夹的链接，该文件夹包含股票发售的附加发售材料，例如信息备忘录、认购协议和投资说明。拥有并控制该 Google 云端硬盘文件夹的 G 实体，没有对接收者将该 Google 云端硬盘文件夹或其内容（未设置密码保护）转发给其他潜在投资者的能力施加任何限制。\n\n13. G 实体总计向1,000多名投资者（包括美国投资者）出售了价值约3.39亿美元的 GTV 普通股。其中一些投资者为非合格投资者。根据股票发售的投资说明，绝大部分（如果不是全部的话）发售收益均直接存入以 Saraca 名义开立的美国银行账户中。\n\n14. 在2020年6月5日或前后，Saraca 将股票发售收益中的1亿美元转移至对冲基金 A（Hedge Fund A）以投资该基金。对冲基金 A 的投资策略涉及通过外汇远期和期权合约建立各种亚洲货币（特别是港币）相对于某些发达市场货币的头寸。截至2020年7月下旬，对冲基金 A 已投资了 Saraca 转移的1亿美元中的3000万美元，迄今为止，在对冲基金 A 的这笔3000万美元投资已损失了约2920万美元的价值。\n\nVOG 发售并销售 GTV 股票\n\n15. VOG 参与了分销股票发售所必需的步骤。具体而言，G 实体通过其管理团队和代理人指示 VOG 代表希望投资少于100,000美元的潜在投资者向 G 实体购买 GTV 股票。随后，VOG 为代表投资者购买 GTV 股票份额的目的招揽投资者并收集投资者资金。通过 VOG 投资股票发售没有最低投资额限制，投资金额通常在100美元或以上。\n\n16. 为协助促进 VOG 在发售和销售 GTV 股票中的作用，G 实体向 VOG 提供了一份一页纸的《特定目的代理协议》（Limited Purpose Agency Agreement，以下简称“LPAA”），以提供给股票发售的潜在投资者。LPAA 规定，作为极小对价的回报，VOG 的代表将担任投资者的所谓“代理人”，并代表投资者购买 GTV 股份以换取投资者提供的资金。\n\n17. 针对从潜在投资者处收到的关于股票发售的咨询，VOG 向潜在投资者发送了一条短信，内含指向其 Google 云端硬盘上一个文件夹的链接，该文件夹包含 LPAA 以及汇款至 VOG 银行账户的说明，但不包含任何其他发售文件或关于 G 实体的财务信息。VOG 没有对潜在投资者将该 Google 云端硬盘文件夹或其内容（未设置密码保护）转发给其他潜在投资者的能力施加任何限制。\n\n18. 作为股票发售的一部分，VOG 向4,500多名投资者（包括美国投资者）出售了约1.14亿美元的 GTV 股票。这些投资者最终均未获发行 GTV 股份。这些投资者中的许多人是非合格投资者。\n\n19. 在 G 实体的指示下，VOG 将通过股票发售从投资者处收到的总计61,274,318美元的资金转移至 G 实体的银行账户。具体而言，2020年5月15日，VOG 分别向 GTV 和 Saraca 各提供了1500万美元的支票。VOG 还向 Saraca 提供了一张31,274,318美元的支票，Saraca 于2020年7月22日或前后存入该支票。至少截至2020年6月，VOG 继续从投资者处收取用于购买 GTV 股票的资金。\n\n20. 在股票发售期间，VOG 向 G 实体提供了其筹资工作及从投资者处收集金额的最新情况。\n\n21. 基于上述情况，VOG 参与了分销 GTV 股票所必需的步骤，因而发售并销售了 GTV 股票。\n\n被申请人的行为违反了《Securities Act》（《证券法》）关于发行注册的规定\n\n22. 被申请人发售和销售 GTV 普通股未提交任何注册声明，亦无任何生效的注册声明，且该等发售和销售不符合《Securities Act》（《证券法》）规定的注册豁免条件。\n\n23. 由于上述行为，被申请人违反了《Securities Act》（《证券法》）Section 5(a) 的规定，该条款规定：“除非关于某项证券的注册声明已经生效，否则任何主体直接或间接从事以下行为均属违法：(1) 利用州际贸易中的任何运输或通信工具或手段，或利用邮政，通过使用或借助任何招股说明书或其他方式出售该证券；或 (2) 为了出售或在出售后交付之目的，通过邮政或在州际贸易中利用任何运输工具或手段运送或促使运送任何该等证券。”\n\n24. 由于上述行为，被申请人违反了《Securities Act》（《证券法》）Section 5(c) 的规定，该条款规定：“除非关于某项证券的注册声明已经提交，否则任何主体直接或间接利用州际贸易中的任何运输或通信工具或手段，或利用邮政，通过使用或借助任何招股说明书或其他方式要约出售或要约购买任何证券，均属违法。”\n\n代币发售\n\nG 实体招揽公众投资代币发售\n\n25. 大约自 2020年4月1日 至 2020年6月30日，G 实体通过其管理团队和代理人，在 YouTube、Twitter 以及其他视频分享和社交媒体平台上，通过在线视频向公众推销 G-Coins（G币）和 G-Dollars（G元）的销售。G 实体尚未开发或分发在代币发售中销售的数字资产，亦未开发或推出允许用户交易或出售数字资产的平台。\n\n26. G 实体的在线宣传称，G-Coins（G 实体表示其最终将并入 G-Dollars 从而形成单一数字资产）和 G-Dollars 将可用于在 G 实体的在线平台上购买商品或服务，或兑换黄金或法定货币。在招揽 G-Coin 和 G-Dollar 投资者的过程中，G 实体并未向投资者提供关于开发任何数字资产或平台的计划的财务信息，亦未提供任何书面发售材料，例如白皮书或私募备忘录。\n\n27. G 实体从 G-Coin 和 G-Dollar 投资者处募集了大约 $34,000,000，将所得款项汇集在 G 实体的银行账户中，并与股票发售所得款项发生混同。作为代币发售的一部分，许多投资者在 G-Coins 和 G-Dollars 的 $.01 购买价格上获得了 20% 的折扣。投资者通过直接向 G 实体的美国银行账户转账、向 G 实体在在线支付平台上的账户付款、通过 Apple App Store 购买或开具支票的方式参与代币发售。绝大多数 G-Coin 和 G-Dollar 投资者的单人投资金额不超过 $10,000，且 G 实体从未询问过这些投资者的财务或投资背景。\n\n代币发售中的投资者合理期待通过 G 实体的努力获得未来利润\n\n28. G 实体将 G-Coins 和 G-Dollars 的销售宣传为通过 G 实体的管理团队和代理人在开发数字资产和平台方面的努力而获取未来利润的机会，购买者理应合理期待他们将从 G 实体的努力中获利。在 G 实体的在线招揽中，G 实体将购买 G-Coin 和 G-Dollar 称为“投资”，并强调了该投资获得可观资本回报的可能性。在其在线视频中，G 实体还讨论了他们对 G-Coins 和 G-Dollars 在 GTV 在线平台上的预期流动性的看法，以及他们允许用户将 G-Coins 和 G-Dollars 兑换为法定货币以及通过该平台提供的商品和服务的计划。在代币发售期间，G 实体还讨论了开发 GTV 在线平台处理使用 G-Coins 和 G-Dollars 进行交易的能力的计划，并兜售 G 实体管理团队和代理人的“管理、财务、投资以及并购”经验。事实上，代币发售的在线材料声称 GTV 团队将“全力以赴全面升级 G-Dollar 系统”。该备忘录还指出，G 实体及其管理团队计划建立一个“将利用最先进技术（包括大数据、人工智能、5G 以及区块链支付系统（G coin））”的平台。\n\nG 实体要约和销售 G-Coins 和 G-Dollars 违反了《证券法》\n\n29. 基于上述事实，根据 SEC v. W. J. Howey Co.，328 U.S. 293 (1946) 及其后续判例，包括委员会在其《Report of Investigation Pursuant To Section 21(a) of the Securities Exchange Act of 1934: The DAO》（根据《1934年证券交易法》第21(a)条作出的调查报告：The DAO）（Exchange Act Rel. No. 81207）（2017年7月25日）（即“《DAO 报告》”）中讨论的案件，G 实体将 G-Coins 和 G-Dollars 作为投资合同因而构成证券进行要约和销售。\n\n30. G 实体作为代币发售一部分的证券要约和销售未提交任何注册声明，亦无任何生效的注册声明，且该等要约和销售不符合《Securities Act》（《证券法》）规定的注册豁免条件。\n\n31. 由于上述行为，G 实体违反了《Securities Act》（《证券法》）Section 5(a) 的规定，该条款规定：“除非关于某项证券的注册声明已经生效，否则任何主体直接或间接从事以下行为均属违法：(1) 利用州际贸易中的任何运输或通信工具或手段，或利用邮政，通过使用或借助任何招股说明书或其他方式出售该证券；或 (2) 为了出售或在出售后交付之目的，通过邮政或在州际贸易中利用任何运输工具或手段运送或促使运送任何该等证券。”\n\n32. 由于上述行为，G 实体违反了《Securities Act》（《证券法》）Section 5(c) 的规定，该条款规定：“除非关于某项证券的注册声明已经提交，否则任何主体直接或间接利用州际贸易中的任何运输或通信工具或手段，或利用邮政，通过使用或借助任何招股说明书或其他方式要约出售或要约购买任何证券，均属违法。”\n\n非法所得罚没与民事罚款\n\n33. 第 IV 节命令的非法所得罚没及判决前利息符合衡平法原则，且未超过各被申请人因其违法行为所获的净利润，并将在可行的范围内分配给受损投资者。委员会将把依据第 IV 节支付的款项存入 United States Treasury（美国财政部）的账户中，等待分配。在委员会批准最终分配决算后，无法退还给投资者的任何剩余金额，以及未来退还给委员会但无法退还给投资者的任何金额，可在符合《Exchange Act》（《交易法》）Section 21F(g)(3) 的前提下转入美国财政部普通基金。\n\n承诺事项\n\n34. 被申请人已承诺：\nA. 不直接或间接参与任何数字资产证券的发售。\n\nB. 协助委员会工作人员执行分配计划，包括尽一切努力将下文第 IV 节所述的救济金分配给受影响的投资者。关于该等协助，被申请人应在无需送达或发出传票通知的情况下，提供委员会工作人员合理要求的任何及所有文件和其他信息。\n\nC. 自本命令发布之日起 10 日内，以委员会工作人员不可不接受的形式，在 G 实体的网站（包括但不限于 www.gtv.org 和 www.gnews.org）以及社交媒体渠道上公布本命令的通知。\n\nD. 就遵守上述第 34.C 项所述承诺出具书面证明。该证明应载明各项承诺，以叙述形式提供遵守情况的书面证据，并附有足以证明合规的证物。委员会工作人员可就合规的进一步证据提出合理要求，被申请人同意提供该等证据。证明及证明材料应在完成承诺事项之日起三十 (30) 日内提交给 Division of Enforcement（执法部）助理区域主任 Sandeep Satwalekar，并抄送执法部首席法律顾问办公室。\n\nE. 在决定是否接受和解要约时，委员会已考虑了这些承诺事项。\n\nIV.\n\n鉴于前述情况，委员会认为施加被申请人在和解要约中同意的制裁是适当的。\n\n因此，依据《Securities Act》（《证券法》）Section 8A，特此命令：\n\nA. 被申请人停止并不再实施或导致任何违反以及未来违反《Securities Act》（《证券法》）Sections 5(a) 和 5(c) 的行为。\n\nB. 被申请人应遵守上文第 34 段所列的承诺事项。\n\nC. 被申请人 GTV 和 Saraca 应在本命令作出之日起 14 日内，向 Securities and Exchange Commission（证券交易委员会）连带支付 $434,134,141 的非法所得罚没款以及 $15,776,488 的判决前利息。若未能按时支付非法所得罚没款及判决前利息，应依据《SEC Rule of Practice 600》（《SEC 诉讼程序规则第 600 条》）计收额外利息。\n\nD. 被申请人 GTV 应在本命令作出之日起 14 日内，向证券交易委员会支付 $15,000,000 的民事罚款。若未能按时支付罚款，应依据 31 U.S.C. §3717 计收额外利息。\n\nE. 被申请人 Saraca 应在本命令作出之日起 14 日内，向证券交易委员会支付 $15,000,000 的民事罚款。若未能按时支付罚款，应依据 31 U.S.C. §3717 计收额外利息。\n\nF. 被申请人 VOG 应在本命令作出之日起 14 日内，向证券交易委员会支付 $52,610,922 的非法所得罚没款、$1,911,877 的判决前利息以及 $5,000,000 的民事罚款。若未能按时支付非法所得罚没款及判决前利息，应依据《SEC Rule of Practice 600》（《SEC 诉讼程序规则第 600 条》）计收额外利息。若未能按时支付民事罚款，应依据 31 U.S.C. §3717 计收额外利息。\n\n每位被申请人必须通过以下方式之一进行付款：\n\n(1) 被申请人可以通过电子方式向委员会汇款，委员会将在收到请求后提供详细的 ACH 转账/联邦电汇指令；\n(2) 被申请人可通过 SEC 网站上的 Pay.gov 从银行账户直接付款；或\n(3) 被申请人可通过保付支票、银行本票或美国邮政汇票付款，收款人注明为 Securities and Exchange Commission（证券交易委员会），亲手递交或邮寄至：\n\nEnterprise Services Center Accounts Receivable Branch HQ Bldg., Room 181, AMZ-341 6500 South MacArthur Boulevard Oklahoma City, OK 73169\n\n通过支票或汇票付款的，必须随附一封附函，分别指明被申请人 GTV、Saraca 或 VOG 作为本程序的被申请人，并注明本程序的案卷号；附函副本以及支票或汇票必须寄送至 Securities and Exchange Commission（证券交易委员会）高级副区域总监 Sanjay Wadhwa（桑杰·瓦德瓦），地址为 200 Vesey Street, Suite 400, New York, New York 10281，或委员会工作人员可能提供的其他人员或地址。\n\nG. 根据 2002 年 Sarbanes-Oxley Act（《萨班斯-奥克斯利法案》）第 308(a) 条，设立一个公平基金（Fair Fund），用于存放上述第 IV 段提及的追缴非法所得、判决前利息以及罚金。根据本命令被责令作为民事金钱罚款支付的款项，在所有意图（包括所有税务意图）上均应被视为向政府支付的罚款。为保持民事罚款的威慑效果，被申请人 GTV、Saraca 和 VOG 各自同意，在任何相关投资者诉讼中，不得主张其有权因被申请人在本案中支付民事罚款的任何部分金额而抵销或减少任何赔偿性损害赔偿金（“罚款抵销”），亦不得从中受益。如果审理任何相关投资者诉讼的法院准许了该等罚款抵销，被申请人 GTV、Saraca 和 VOG 各自同意，在准许罚款抵销的终局命令作出后 30 日内，通知本案中的委员会法律顾问，并将该笔罚款抵销金额支付给证券交易委员会。该等支付不应被视为额外的民事罚款，也不应被视为改变本程序中所处民事罚款的金额。就本段而言，“相关投资者诉讼”是指由一名或多名投资者依据与委员会在本程序中所发布的命令中指控的基本相同的事实，针对被申请人 GTV、Saraca 或 VOG 提起或代表其提起的民事损害赔偿诉讼。\n\n由委员会作出。\n\nVanessa A. Countryman（瓦妮莎·A·坎特里曼） 秘书","key_entities":["GTV","Saraca","CIPA","Guo","Je"],"ecf_references":[],"word_count":4043,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 07:36:12"}