SEC Accuses Chinese Businessman with Ties to Donald Trump Advisor of Orchestrating $500 Million Crypto Fraud – What's Going On?
2023-03-16
By Fredrik Vold | @fredrik-vold
The Securities and Exchange Commission (SEC) has charged the exiled Chinese business tycoon Miles Guo with fraud related to crypto and other assets.
The charges from the SEC relate to the sale of what is referred to as “unregistered and fraudulent offerings,” which raised more than $850 million for Guo, according to a press release from Wednesday – $500 million of which allegedly came from a crypto scam.
As part of the fraud charges were also charges related to the sale of cryptoassets referred to as H-Coin, Himalaya Coin or HCN, and a related stablecoin.
The SEC also said Guo had made false promises to investors in H-Coin, telling them that the coin is 20% backed by gold and that he would compensate investors for any losses in the coin.
Associated with Steve Bannon
Miles Guo, who is also known by his Chinese name Guo Wengui and sometimes as Miles Kwok, is a New York-based businessman closely related with Donald Trump’s former advisor Steve Bannon.
The two have built up a substantial online presence together and often appear in online videos where they criticize the Chinese Communist Party and its leadership.
Guo was charged alone for the crypto-related fraud and together with his financial advisor William Je on the other charges.
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