SNEAK PEEK

• The SEC has accused Chinese mogul Guo Wengui of participating in a deceitful digital currency scheme.
• Guo stands accused of diverting an enormous $100 million from investor funds.
• Guo has a close connection to former U.S. President Donald Trump.

The U.S. Securities and Exchange Commission (SEC) has accused Chinese businessman and political dissident Guo Wengui of perpetrating fraud through the sale of his very own digital currency, H-Coin. 

Evidently, Mr. Wengui had been duping investors with false promises that included high returns on their investment when, in reality, he was hiding from them the financial losses as well as potential risks associated with investing in H-Coin.

The United States Securities and Exchange Commission (SEC) asserts that Mr. Wengui presented investors with inaccurate details regarding H-Coin’s predicted returns. These deceptive claims included assurances of a substantial increase in value, as well as the false impression that it was backed by a precious metal reserve that could be exchanged for fiat money quickly and conveniently.

According to the Commission, Guo took advantage of investor funds for his own benefit, inappropriately diverting $100 million away from the H-Coin venture and illicitly spending up to $43.5 million at his discretion.

The SEC has issued a cease-and-desist order on Mr. Wengui, restraining him from offering or selling securities in the United States and any other activities connected to unregistered security sales. As he is closely bound with former President Donald Trump as well as having founded GTV Media Group alongside Steve Bannon of Trump’s party, this decision was made to protect investors from potentially harmful investments.

Recently, multi-billionaire entrepreneur Guo Wengui has been accused of fraud, and the U.S. government has brought charges against him for allegedly stealing a substantial amount of money.

In particular, U.S. Attorney Damian Williams claims that he used this stolen fortune to purchase ostentatious items such as a 50,000 square-foot estate, an expensive $3.5 million Ferrari car, two plush mattresses worth over $36 thousand each, and finally, his own personal luxury yacht priced at an extravagant cost of 37 million dollars.