The United States Securities and Commutation Commission has charged 3 of Chinese billionaire Guo Wengui's companies over an initial money offering (ICO) and initial public offering (IPO) that fetched around $487 million combined.

The infamous Guo, as well known as Miles Kwok or Miles Guo, is an exiled Chinese man of affairs who currently resides in New York. Wengui is known for his controversial political takes and his ties to Donald Trump confidant Steve Bannon.

The SEC submitted a cease and desist order on Mon, with the documents showing that Guo's companies take agreed to pay a settlement with the SEC within xiv days.

The SEC outlined two unregistered securities offerings from Guo'south firms, with GTV Media Group, Saraca Media Grouping and Vox of Guo Media conducting an IPO between April i and June 2022. Saraca and Voice of Guo, dubbed the "G Entities," also conducted an ICO over the same period.

The ICO raised $34 million from investors seeking exposure to the firms' Thou-Dollars — a virtual currency the issuer claimed could be exchanged for gold or fiat currency or used to purchase goods on the G Entities' online platform.

The SEC institute that the One thousand Entities did non provide investors with information regarding how its purported digital asset and platform would be developed, adding:

"The Chiliad Entities take yet to develop or distribute the digital assets sold in the Money Offering or a platform that would allow users to transact with or sell digital assets."

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Proceeds from the ICO were commingling with the funds raised in its $453million stock offering that purported to distribute 10% of GTV's common shares. The unregistered IPO attracted participation from 5,500 people.

The firms have agreed to pay $486.6 one thousand thousand in fines, prejudgment interest of $17.6 1000000, and a ceremonious penalty of $35 1000000 combined.