FBI is investigating the exiled businessman Miles Kwok and his aide Steve Bannon
The Wall Street Journal disclosed earlier that GTV Media, affiliated with Steve Bannon, Donald Trump’s former political adviser and Miles Kwok, had raised more than US$300 million through private financing in the spring of 2020. The company is now under investigation by the FBI, the Securities and Exchange Commission (SEC), and the state government. Sources close to insiders said that the investigators of the SEC are trying to meet the investors who are currently requesting GTV Media and the Voice of Guo Media (VOG) to pay back the funds while filing a lawsuit against Miles Kwok and his associates.
Investors‘ anger: from followers to accusers
“After watching a few episodes of his talk show on YouTube, I found what Miles Kwok said was quite interesting, so I kept watching.” said Yan, one of the investors, in an interview.
Yan is a worker in China. Out of curiosity, he began to surf the Internet via proxy servers at the end of 2018. At the beginning, he just read the Internet news, and later watched the YouTube programs randomly. Miles Kwok’s show was frequently recommended on the platform probably due to its high click rate. Yan clicked to watch his show for a few times, and found it interesting, so Kwok’s show was on Yan’s regular list of watch since then. Gradually he believed in this guy who seemed honest and trustful. Yan said he finally realized this was the misconception that made him lose money. It was too late.
When looking back his experience of following Miles Kwok, Yan’s face revealed his complex and embarrassed inward world. The story comes like this: At the end of April and early May, 2020, Miles Kwok in his YouTube show disclosed his plan to establish his own social media GTV. He invited his followers to invest as part of a private placement, saying this was a golden opportunity for a great return. Yan admitted his greedy desire was aroused, and thought he couldn’t afford to miss the rare opportunity, then he tried hard to contact the GTV Investment Committee. “I was so happy to make the investment finally and saw it a good luck. I happened to have an account then in the Singapore Standard Chartered Bank with big money from my house sales earlier. I believed after watching LUDE media, the YouTube show, which kept saying that Renminbi would depreciate wildly. That’s why I converted all my money into US dollars and put it in the Singapore Bank. I totally invested US$180,000 to GTV. “
In June 2020, Miles Kwok launched the virtual currency GDollar, encouraging his followers to invest and promising a significant return. Yan decided to spend another US$30,000 in the GDollar.
In October 2020, Miles Kwok turned out a gimmick of the Gclub membership system, luring the members to enjoy different levels of discounts for future purchases of goods on the Gfashion e-Commerce platform. The membership system had 5 classes from US$10,000 to 50,000. Again, Yanwasn’t suspicious and bought the top class membership of US$50,000.
According to Yan, he has invested a total of US$260,000 in Kwok‘s G product series, which is nearly all his family assets including the money from selling the house without telling his wife and parents. As the result, over the past few months, Yan has been living under endless blames and complaints of his wife and parents, exhausted physically and mentally. The confidence on Kwok is zero. Now he has a new label on himself as “Anti Miles Kwok“. “I have no idea how to survive if the investment funds cannot be returned. I have to take care of my parents who used to be farmers all their life and two kids of mine to raise. My wife has a row with me all the time on this matter, and we are in the possibility of divorce sooner or later. I am very depressed and think I would kill myself a day.”
Everything is a trap, a lie
Months have passed, but and the investment funds has seen irredeemable and not refundable, that nearly destroyed the downhearted Yan. “It is obvious that the G-series investment of GTV, GDollar and Gclub is all fraudulent and illegal. It is too late for me to regret for my greed, mindless and impulsion. In order to minimize the losses, I will try my upmost to get back the investment as much and soon as possible.”
Yan is blaming himself for the stupid investment, for believing those people who always claimed that Renminbi would depreciate, and would be worthless eventually. It has been proved that RMB has not depreciated but appreciated a lot after 2 years. The current trend shows it would continue rising. In the past six months, the U.S. dollar index has fallen by more than ten percent and will continue to fall. How can I believe their bullshit!
Yan added that those people who made the news every day over the last six months saying Donald Trump would definitely be re-elected, and China’s economy will collapse, thus the prosperity of G series will greatly boost with unlimited room for appreciation. “Today is January 17, ” said Yan, “Biden’s coming to power is for certain, and Trump is facing impeachment by the Senate. Not to mention being president again, he would possibly be going to jail. The dreams of the cheaters are gone, but leaving the poor investors wailing. It is mostly impossible to get back the invested money, especially when the company is in the United States, the other bank of the ocean, where the legal procedure is unfamiliar to us, and I can’t go there, and even go with the legal process without good English.”
The G series becomes political donation
The Wall Street Journal reported in as early as 2017 that Miles Kwok met with some U.S. congressmen in Washington DC and filed charges against the Chinese government leadership. Kwok also posted photos of himself on Twitter with Rep. Tom MacArthur, Republican of New Jersey, and Rep. Randy Hultgren, Republican of Illinois. Hultgren is the co-chairman of the Lantos Human Rights Committee of the US House of Representatives, who often criticizes China on human rights and religious issues. Nowadays, the investment of the ants like us has been turned intokind of political donation. No matter how the G-series scams are packaged, it definitely has connections with politics.
Miles Kwok‘s financing fraud was further exposed recently. An investor of Yan’s kind posted to the social media saying that after checking his Gclub membership information on the official website, he found the Gclub product he had purchased was sorted as political donation, and the category of remittance was gift. In fact, Miles Kwok once made a speech saying that Gclub was not a product for investment or financing, but for consumption. Now Miles Kwok once again confirmed with theinvestors that they were not investing their money merely to buy tickets to watch the cheater’s performance. Someone also disclosed that Sara, the deputy chief of Kwok’s fraudulent group, closed her four Gclub membership accounts on November 20, 2020, before she broke the relationship with Miles Kwok and was ready to jump the boat. Although many people of insight pointed out the nature of Miles Kwok’s G-series fraud before Sara’s rebellion, many small investorsdid not realize the situation and were still obsessed with the image of the rich, immersed illusion Kwok had created, following him in the dreams of building the paradise. Miles Kwok is leading an extravagant life using the money of the investors. This is the trap he had set up to steal the wealth of the investors and he would withdraw easily from the trouble by saying thank you for your donation.