WASHINGTON—Three media companies tied to exiled Chinese businessman Guo Wengui have agreed to pay $539 million to settle regulatory claims they violated investor-protection laws when they raised money from over 5,000 investors.
The announcement resolves an investigation that targeted a sale of stock and digital assets last year, according to the Securities and Exchange Commission. The companies said the money they raised would be used to build a news and social-media platform that would be “the only uncensored and independent bridge between China and the Western world,” according to the fundraising documents.
