UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 98415 / September 18, 2023

ADMINISTRATIVE PROCEEDING

File No. 3-20537

In the Matter of

GTV Media Group, Inc.; Saraca 

Media Group, Inc.; Voice of Guo 

Media, Inc.,

Respondents.

:

:

:

:

:

:

:

:

ORDER DIRECTING SECOND

DISBURSEMENT OF FAIR FUND

On January 31, 2022, the Division of Enforcement, pursuant to delegated authority, 

published a Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”),1

pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans 

(“Commission’s Rules”);2 and simultaneously posted the Proposed Plan of Distribution (the 

“Proposed Plan”). The Notice advised interested persons that they could obtain a copy of the 

Proposed Plan from the Commission’s public website or by submitting a written request to Noel 

Gittens, United States Securities and Exchange Commission, 100 F Street, NE, Washington, DC 

20549-5876. The Notice also advised that all persons desiring to comment on the Proposed Plan 

could submit their comments, in writing, within 30 days of the Notice. The Commission 

received 255 comments on the Proposed Plan during the comment period. On April 7, 2022, 

after thorough review and substantial consideration, the Commission issued an order approving 

1

 Exchange Act Rel. No. 94107 (Jan. 31, 2022). 2

 17 C.F.R. § 201.1103.
2

the Proposed Plan without modification,3 and posted the approved Plan of Distribution (the 

“Plan”). 

The Plan provides for the distribution of the Fair Fund, plus accumulated interest, less 

taxes, fees, and expenses, to the harmed investors according to the methodology set forth in the 

Plan. 

On September 12, 2022, the Commission issued an Order Directing Disbursement of Fair 

Fund (the “Initial Disbursement Order”).4 Pursuant to the Initial Disbursement Order, the Fund 

Administrator disbursed $77,915,851.58 to compensate 479 Eligible Claimants5 for 50% of their 

investment losses (the “Initial Distribution”). The Fair Fund has a remaining balance of 

$389,288,765.48. 

Since the Initial Distribution, the Fund Administrator has continued to process claims 

submitted prior to the Claims Bar Date and has identified an additional 4,356 Eligible Claimants. 

After taking into account a reserve of $19,919,250.00 for the payment of taxes and 

administrative expenses plus approximately $82,000,000.00 designated for a future 

disbursement, the Fund Administrator has recommended a disbursement of $287,124,893.32

from the Fair Fund to (1) provide the additional 4,356 claimants, who have been deemed Eligible 

Claimants since the Initial Distribution, with a distribution payment representing 92.42% of their 

Recognized Losses; and (2) provide the 479 Eligible Claimants who received a payment in the

Initial Distribution, with a distribution payment in the amount that, when combined with the 

distribution payment received in the Initial Distribution, will total 92.42% of their Recognized 

Losses.

3

 Order Approving Plan of Distribution, Exchange Act Rel. No. 94628 (Apr. 7, 2022). 4

 Exchange Act Rel. No. 95732 (Sept. 12, 2022). 5

 All capitalized terms used herein but not defined shall have the same meanings ascribed to them in the Plan.
3

Pursuant to the Plan, the Fund Administrator has compiled the payee information (the 

Payee List”) and submitted a payment file to Commission staff with a reasonable assurances 

letter as to the completeness and accuracy of the information contained therein. The 

Commission staff has reviewed and accepted the payment file and requests, pursuant to Rule 

1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6), that the Commission 

authorize the transfer of $287,124,893.32 from the Fair Fund to the Fair Fund’s escrow account 

at The Huntington National Bank for distribution by the Fund Administrator to the eligible 

claimants in accordance with the Plan. 

Accordingly, it is hereby ORDERED, that Commission staff shall transfer 

$287,124,893.32 from the Fair Fund to the Fair Fund’s escrow account at The Huntington 

National Bank, and the Fund Administrator shall distribute such monies to the eligible claimants 

identified on the Payee List in accordance with the Plan. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.6

Vanessa A. Countryman

Secretary 

6

 17 C.F.R. § 200.30-4(a)(21)(v).