SEC分配方案批准令（2022-04-07）

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UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

美利坚合众国美国证券交易委员会

SECURITIES EXCHANGE ACT OF 1934 Release No. 94628/ April 7, 2022

《1934年证券交易法》公告第94628号／2022年4月7日

ADMINISTRATIVE PROCEEDING File No. 3-20537

行政程序案号：3-20537

: In the Matter of : : ORDER APPROVING GTV Media Group, Inc., Saraca Media : PLAN OF DISTRIBUTION Group, Inc., and Voice of Guo Media, : Inc., : : Respondents. :

关于GTV Media Group, Inc.、Saraca Media Group, Inc.及Voice of Guo Media, Inc.作为被申请人的案件公平基金分配方案批准令

I. Summary

一、概要

原第 1 段

¹ On September 13, 2021, the Commission issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order (the “Order”)1 against GTV Media Group, Inc. (“GTV”), Saraca Media Group, Inc. (“Saraca”) and Voice of Guo Media, Inc. (“VOG”) (collectively, the “Respondents”). In the Order, the Commission found that from approximately April 2020 through June 2020 (the “Relevant Period”), the Respondents violated the registration provisions of the federal securities laws by soliciting thousands of individuals to invest in an offering of GTV common stock. The Commission also found that, during the same period, GTV and Saraca solicited individuals to invest in their offering of a digital asset security that was referred to as either G-Coins or G-Dollars (the “Digital Asset”). According to the Order, as a result of these two unregistered securities offerings, whose proceeds were commingled, Respondents collectively raised approximately $487 million from over 5,000 investors through July 2020.

¹2021年9月13日，美国证券交易委员会（以下简称“委员会”）针对GTV Media Group, Inc.（“GTV”）、Saraca Media Group, Inc.（“Saraca”）及Voice of Guo Media, Inc.（“VOG”）（合称“被申请人”）发布《关于依据〈1933年证券法〉第8A条启动停止令程序、作出认定并颁布停止令的命令》（以下简称“该命令”）¹。委员会在该命令中认定，约自2020年4月至2020年6月（“相关期间”），被申请人招揽数千人投资其发行的GTV普通股，违反了联邦证券法的注册规定。委员会还认定，同一期间内，GTV和Saraca招揽个人投资其发行的一种数字资产证券，称为G-Coins或G-Dollars（“数字资产”）。根据该命令，截至2020年7月，被申请人通过上述2项未经注册的证券发行，从逾5,000名投资者处共募集约487,000,000美元，且两项发行所得款项混同。

原第 2 段

¹ The Commission ordered the Respondents to collectively pay $486,745,063.00 in disgorgement, $17,688,365.00 in prejudgment interest, and civil money penalties of $35,000,000.00, for a total of $539,433,428.00 to the Commission. The Commission also created a 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 (the “Fair Fund”).

¹委员会责令被申请人共同向委员会支付吐出非法所得486,745,063.00美元、判决前利息17,688,365.00美元及民事罚款35,000,000.00美元，合计539,433,428.00美元。委员会还依据《2002年萨班斯—奥克斯利法》第308(a)条设立公平基金，以将已缴纳的罚款连同已支付的吐出非法所得及利息分配给受损投资者（以下简称“公平基金”）。

原第 3 段

¹ The Fair Fund includes the $455,516,531.92 paid by the Respondents, and any additional funds paid, pursuant to the Order, will be added to the Fair Fund. The assets of the Fair Fund are subject to the continuing jurisdiction and control of the Commission. The Fair Fund has been deposited in an interest-bearing account at the U.S. Department of the Treasury’s Bureau of the Fiscal Service, and any interest accrued will be added to the Fair Fund.

¹公平基金包含被申请人已支付的455,516,531.92美元，依该命令支付的任何后续款项均将计入公平基金。公平基金资产持续受委员会管辖和控制。公平基金已存入美国财政部财政服务局的计息账户，所生利息均将计入公平基金。

原第 4 段

¹ The Proposed Plan provides for the distribution of the Net Available Fair Fund to investors who purchased GTV common stock and the Digital Asset during the applicable Relevant Period and suffered a Recognized Loss as calculated by the methodology in the Plan of Allocation in the Proposed Plan.

¹拟议方案规定，将公平基金可供分配净额分配给在适用的相关期间内购买GTV普通股及数字资产，并按拟议方案所附分配计算方案规定的方法计算存在核定损失的投资者。

原第 5 段

¹ On January 31, 2022, the Division of Enforcement, pursuant to delegated authority, published a Notice of Proposed Plan of Distribution and Opportunity to Comment (“Notice”)2 pursuant to Rule 1103 of the United States Securities and Exchange Commission’s Rules on Fair Fund and Disgorgement Plans (the “Commission’s Rules”).3 The Notice invited public comment on the Proposed Plan of Distribution (“Proposed Plan”) through March 1, 2022, and the Commission received 255 public comments and one comment letter with multiple comments, many of which are similar to the public comments.

¹2022年1月31日，执法部依据授权，依照美国证券交易委员会《公平基金及吐出非法所得分配方案规则》（以下简称“委员会规则”）第1103条³，发布《拟议分配方案及征求意见通知》（以下简称“通知”）²。通知就拟议分配方案（以下简称“拟议方案”）征求公众意见，截止日期为2022年3月1日；委员会收到255条公众意见及1封含多项意见的来函，其中许多意见与公众意见相似。

II. Public Comments on the Proposed Plan

二、关于拟议方案的公众意见

原第 6 段

¹ In general, the Commission primarily received three types of substantive comments concerning the method of allocation used in the Proposed Plan: (1) that Eligible Claimants under the Proposed Plan should receive a payout percentage greater than 50% of their investment losses in the first tranche; (2) that U.S. investors and investors who invested larger amounts should receive distribution payments in the first tranche, while foreign investors and investors who made smaller investments should receive distribution payments in the second tranche; and (3) that the Relevant Period for determining investors’ purchases and/or losses should be extended.

¹总体而言，委员会收到的有关拟议方案分配计算方法的实质性意见主要分为3类：（1）拟议方案所指的合格申领人在首批分配中获得的款项应超过其投资损失的50%；（2）美国投资者及投资金额较大的投资者应在首批获得分配款项，而境外投资者及投资金额较小的投资者应在第二批获得分配款项；（3）应延长用于确定投资者购买行为及／或损失的相关期间。

原第 7 段

¹ The Commission also received other non-substantive comments: (4) that the funds recovered by the Commission should be returned to harmed investors as soon as possible; (5) that the terms “acquisitions”, “purchased” or “purchases” should be expanded to include funds received from investors who did not receive the unregistered securities; (6) clarification as to whether investors who sent funds to third-parties to invest on their behalf are entitled to submit claims for the full amount of their investment losses; (7) clarification that submission of a claim form and receipt of a distribution payment is not intended to release the Respondents, their employees and/or affiliates from claims by harmed investors; (8) confirmation that the Fund Administrator will have access to a list of potential claimants provided by VOG, and (9) confirmation that the Fund Administrator will have access to a list of all potential claimants who received refunds of their investments through third-parties.

¹委员会还收到其他非实质性意见：（4）委员会追回的资金应尽快返还受损投资者；（5）应扩展“取得”“已购买”或“购买”的含义，使其涵盖从未收到未经注册证券的投资者处收取的资金；（6）应澄清将资金交给第三方代为投资的投资者是否有权就全部投资损失提出申报；（7）应澄清提交申报表及收取分配款项并不意味着免除被申请人、其雇员及／或关联方因受损投资者提出请求而可能承担的责任；（8）应确认基金管理人将可取得VOG提供的潜在申领人名单；（9）应确认基金管理人将可取得所有经第三方收到投资退款的潜在申领人名单。

原第 8 段

¹ While substantive in nature in that they raise concerns regarding the method of allocation used in the Proposed Plan, the first three comments do not warrant modification of the Proposed Plan. The purpose of the Proposed Plan is to treat all harmed investors equitably and fairly, and to ensure that all investors receive the same proportionate share of the Net Available Fair Fund.

¹前3类意见对拟议方案采用的分配计算方法提出质疑，虽属实质性意见，但不足以构成修改拟议方案的理由。拟议方案旨在公正、公平地对待所有受损投资者，确保所有投资者按相同比例获得公平基金可供分配净额。

原第 9 段

¹ Limiting the first tranche to 50% of Eligible Claimants’ Recognized Losses allows the Commission to return funds to investors who have perfected their claims while not disadvantaging those investors who have not, and balances the requirement to treat all investors fairly while allowing the return of funds to investors as expeditiously as possible. All investors who submit valid claims will receive a pro rata share of the distribution. .Also, prioritizing the return of funds to U.S. investors or investors who made larger investments over foreign investors or investors who made smaller investments, who are similarly situated, would likewise be unfair and is not legally required. Any modification to the Proposed Plan in response to the first two general comments would result in some investors being treated unfairly and would also result in an inequitable distribution of the Net Available Fair Fund.

¹将首批分配限定为合格申领人核定损失的50%，使委员会能够向已完成申报手续的投资者返还资金，同时不使尚未完成手续的投资者处于不利地位，兼顾公平对待所有投资者与尽快返还资金两项要求。所有提交有效申报的投资者均将按比例获得分配款项。此外，在返还资金时，优先考虑美国投资者或投资金额较大的投资者，而将处境相同的境外投资者或投资金额较小的投资者置于其后，同样有失公平，法律也无此要求。为回应前2类一般性意见而修改拟议方案，将导致部分投资者受到不公平对待，也将导致公平基金可供分配净额的分配有失公允。

原第 10 段

¹ Modification of the Proposed Plan to extend the Relevant Period is not warranted because the Fund Administrator, in consultation with the Commission staff, will make an assessment of the validity of all claims involving investors’ purchases that occurred beyond the Relevant Period after completion of the claims process and before making the second tranche of distribution payments pursuant to the Proposed Plan.

¹没有理由通过修改拟议方案来延长相关期间。基金管理人将在申报程序完成后、依拟议方案支付第二批分配款项前，与委员会工作人员协商，评估所有涉及相关期间以外购买行为的投资者申报是否有效。

原第 11 段

¹ Comments four through nine, do not warrant any modification of the Proposed Plan because they do not affect the method of allocation of the Proposed Plan. First, distribution payments to harmed investors will be made expeditiously in accordance with the approved Plan of Distribution. Secondly, the definitions of “acquisitions” and “purchases” as used in the Proposed Plan are intended to include funds received from harmed investors. Thirdly, pursuant to the Proposed Plan, all harmed investors are entitled to participate in the claims process in order to receive Distribution Payments. Fourthly, paragraph 87 in Section VI of the Proposed Plan applies to all parties, including the Respondent. Lastly, comments eight and nine request the disclosure of non-public information, which pursuant to the Commission’s Rules, cannot be disclosed.

¹第4至第9类意见不影响拟议方案的分配计算方法，因此不足以构成修改拟议方案的理由。其一，将依照获批的分配方案尽快向受损投资者支付分配款项。其二，拟议方案中的“取得”及“购买”定义旨在涵盖从受损投资者处收取的资金。其三，依拟议方案，所有受损投资者均有权参加申报程序，以获得分配款项。其四，拟议方案第六节第87段适用于包括被申请人在内的所有当事方。其五，第8及第9类意见要求披露非公开信息，而依委员会规则，此类信息不得披露。

原第 12 段

¹ The Commission has considered the investors’ comments and concludes that no modification to the Proposed Plan to accommodate the comments received is warranted.

¹委员会已审议投资者意见，并认定没有理由为采纳所收到的意见而修改拟议方案。

原第 13 段

¹ The Division of Enforcement now requests that the Commission approve the Proposed Plan.

¹执法部现请求委员会批准拟议方案。

原第 14 段

¹ Accordingly, IT IS ORDERED that pursuant to Rule 1104 of the Commission’s Rules,4 the Proposed Plan is approved without modification, and the approved Plan of Distribution shall be posted simultaneously with this Order on the Commission’s website at www.sec.gov.

¹据此，兹依委员会规则第1104条⁴命令如下：不作修改地批准拟议方案，获批的分配方案应与本命令同时在委员会网站www.sec.gov公布。

原第 15 段

¹ By the Commission.

¹委员会发布。

原第 16 段

¹ Vanessa A. Countryman Secretary

¹秘书 Vanessa A. Countryman

原第 17 段

¹1 Securities Act Rel. No. 10979 (Sept. 13, 2021).

¹1　《证券法》公告第10979号（2021年9月13日）。

原第 18 段

¹2 Exchange Act Rel. No. 94107 (Jan. 31, 2002).

¹2　《证券交易法》公告第94107号（2002年1月31日）。

原第 19 段

¹3 17 C.F.R.§ 201.1103

¹3　《联邦法规汇编》第17编第201.1103条。

原第 20 段

¹4 17 C.F.R. § 201.1104.

¹4　《联邦法规汇编》第17编第201.1104条。