Christina Spicer  |  June 23, 2021

Category: Legal News

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A group of investors says that media mogul billionaire Miles Guo preyed upon hard-working immigrants from China, scamming them into fake investments. 

Lead plaintiffs, Rong Zhang, Xiaodan Wang, and Chong Shen Raphanella, lodged the nationwide class action lawsuit in Arizona federal court Monday. The class action lawsuit alleges that Guo, along with his representatives, sold “unregistered securities to unsophisticated investors in the Chinese diaspora to their detriment.” 

The plaintiffs claim that Miles Guo, a wealthy Chinese businessman with a multi-media empire, and his associates, promised them and others a “risk-free and highly lucrative” opportunity to invest in his new venture, GTV Media. They say they made investments ranging from $10,000 to as much as $100,000 in GTV Media, along with required donations to Gau’s foundations, based on these promises.  

“These investments were purportedly opportunities to be on the ground floor of a new media platform designed to allow its members to exchange in the free flow of information about the People’s Republic of China outside of government control and influence and thereby provide an alternative means of communication for those within Chinese communities around the world,” states their class action lawsuit.  

However, none of the investors have received proof of their investment, say the plaintiffs, nor have they seen “a single cent back in return for the investment of their hard-earned money, even upon request for redemption.”  

The class action lawsuit accuses Guo and the other defendants, including Voice of Guo (VOG) Media, Inc, GTV Media Group, Inc, Saraca Media Group Inc, Rule of Law Foundation III, Inc, Rule of Law Society IV Inc, and Sara Wei, of exploiting hard-working immigrants from China through a “relentless” media campaign touting the so-called investment opportunity.  

Members of the community were targeted using two channels. First, those who could invest a minimum of $100,000 were allowed to make “direct investments.” Those who could not meet that threshold were told to pool their money through Guo’s associate Sara Wei, making a “private placement.” 

These private placements added up, say the plaintiffs, to the tune of $117 million. However, it is unclear what happened to investors’ money, according to the class action lawsuit.  

“Having taken the investors’ money, Ms. Wei and VOG neither purchased shares of GTV nor returned the money to investors,” alleges the lawsuit. “They either kept the investors’ money for themselves or their affiliates; gave it Guo, GTV, or some an entity associated with Guo without obtaining shares in GTV; or did some combination of both.” 

The plaintiffs accuse Guo and the other defendants of selling unregistered securities to unsophisticated investors. They seek to represent those who made investments in GTV Media and received no proof of that investment or return.  

The class action lawsuit wants to hold Guo and the other defendants accountable for damages, as well as court and attorney fees.  

Did you invest with Miles Guo or any of his media companies? Are you concerned about getting a return on your investments? Tell us about your experience in the comment section below.  

The plaintiffs are represented by Matthew M. Guiney of Wolf Haldenstein Adler Freeman & Herz LLP and Lynch Daskal Emery LLP.  

The Guo Scam Investments Class Action Lawsuit is Zhang, et al. v. Voice of Guo Media, Inc., Case No. 2:21-cv-01079-SMB in the U.S. District Court for the District of Arizona.  


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One thought on Media Mogul Miles Guo Sold ‘Worthless’ Investments to Immigrants, Claims Class Action Lawsuit

  1. Mary Mayrant says:

    Please add me.

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