SEATTLE, April 15, 2022 /PRNewswire/ -- JND Legal Administration announces that on September 13, 2021, the U.S. Securities and Exchange Commission ("SEC") issued an Order instituting and simultaneously settling cease-and-desist proceedings against Respondents GTV Media Group, Inc. ("GTV"), Saraca Media Group, Inc. ("Saraca"), and Voice of Guo Media, Inc. In the Order, the SEC found that from approximately April 2020 through June 2020, Respondents generally solicited thousands of individuals to invest in the GTV Common Stock offering. The SEC further found that during the same period, GTV and Saraca ("the G Entities") also solicited individuals to invest in the Digital Asset offering. According to the Order, 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. The SEC ordered the Respondents to pay $486,745,063 in disgorgement, plus prejudgment interest of $17,688,365 and $35,000,000 in civil money penalties, for a total of $539,433,428, to the SEC. The SEC also created the Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid, along with the disgorgement and interest paid, can be distributed to harmed investors. To date, the Respondents have paid a total of $455,439,194.49. Any additional funds collected from the Respondents pursuant to the Order will be added to the Fair Fund. The Fair Fund has been deposited at the United States Department of the Treasury's Bureau of the Fiscal Service ("BFS") for investment.
G Entities [Relevant Period start and end dates (inclusive)]:
On October 14, 2021, the SEC appointed Miller Kaplan Arase LLP as Tax Administrator. The SEC also appointed JND Legal Administration as Fund Administrator (the "Fund Administrator") on November 23, 2021. The SEC approved a plan for the distribution of the GTV Media Group Fair Fund (the "Plan"). The Plan is publicly available at www.GTVMediaGroupFairFund.com, and available on the SEC's webpage for this matter at https://www.sec.gov/divisions/enforce/claims/gtv-media-group.htm.
If you purchased one or more of the securities listed above during the corresponding Relevant Period(s) and would like to be considered for eligibility for a distribution from the GTV Media Group Fair Fund, you must submit a completed and signed Proof of Claim Form ("Claim Form"), including adequate supporting documentation of your purchases and a completed tax certification, to the Fund Administrator by the Claims Bar Date.
The Claim Form is available at www.GTVMediaGroupFairFund.com. You may submit your Claim Form online no later than 11:59 p.m. PT on the Claims Bar Date following the directions at www.GTVMediaGroupFairFund.com/claim. Alternatively, you may send your Claim Form to the Fund Administrator. Claim Forms must be postmarked no later than the Claims Bar Date if sent by First Class Mail; and if not by First Class Mail, received by the Fund Administrator by the Claims Bar Date. If not submitted online, Claim Forms should be directed to the following address:
GTV Media Group Fair Fund
c/o JND Legal Administration
PO Box 91403
Seattle, WA 98111
Additional information regarding the GTV Media Group Fair Fund, including the Distribution Plan, the Plan Notice, the Claim Form, relevant deadlines, and related materials are available on the Distribution Website at www.GTVMediaGroupFairFund.com. You may obtain additional information or request copies of the Claim Form by contacting the Fund Administrator toll-free at 866-853-5013, emailing info@GTVMediaGroupFairFund.com, or writing to:
GTV Media Group Fair Fund
c/o JND Legal Administration
PO Box 91403
Seattle, WA 98111
Please check the website www.GTVMediaGroupFairFund.com frequently for updates.
