Miles Guo Tricked Chinese Immigrant Investors Of Their Money – Class Action
Chinese media tycoon and billionaire Miles Guo is facing a class action lawsuit filed by Chinese-descent immigrants after he allegedly duped them into investing their money into one of his ventures which turned out to be a fake.
Duped Investors File Class Action
Chinese plaintiffs Chong Shen Raphanella, Rong Zhang, and Xiaodan Wang filed a class action lawsuit against their fellow citizen Miles Guo after they were allegedly tricked into pouring their hard-earned savings into Guo’s fake investment schemes.
They detailed that they were enticed into participating in Guo’s budding media company business named GTV. Investment amounts vary between $10,000 to up to $100,000. Furthermore, prospective investors were also forced by Guo to make donations to foundations he managed himself.
Those who were able to produce a hundred grand upfront investment were classified as ‘direct investments.’
On the other hand, those who didn’t have the money were instructed to hand over their money to Sara Wei, one of Guo’s associates, to make a ‘private placement.’
Through it all, all investors did not receive any proof of their investment being directed to GTV.
In fact, it is said that the operation was so massive that Guo’s scheming led to him amassing more than $100 million from Chinese investors.
Raphanella and other similarly situated investors were given false promises that GTV would emerge as a leader in the multimedia industry by providing services outside the ruling Chinese Communist regime’s tight grip on its monopoly of information flow and exchange.
Yet, not even one investor has reported making a gain from Guo’s media venture.
They contended that Guo, Wei, and their cohorts did not actually invest their money in GTV and just kept the money for themselves.
The Miles Guo GTV Class Action Lawsuit filed by the aggrieved parties is asking the court to charge Guo and other related actors of allegedly selling unregistered securities to oblivious Chinese investors.
Editor’s Note on Miles Guo GTV Class Action Lawsuit 2021:
This feature article details the class action lawsuit filed against Chinese billionaire Miles Guo after he and his partners have allegedly carried out different misdemeanors towards countless investors.
Case Name(s) & No.: Rong Zhang et al. v. Voice of Guo Media, Inc.; Case No.: 2:21-cv-01079-SMB
Jurisdiction: United States District Court for the District of Arizona
Products/Services Involved: GTV Investment
Allegation(s): Miles Guo and his partners sold unregistered securities to many Chinese immigrant investors while promising that they were going to gain a profit in return.
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