Translator: Brain Sanitizer
According to a report from the Wall Street Journal on April 8th, 2021, Jane Norberg, the head of the U.S. Securities and Exchange Commission’s whistleblower program, will depart her position this month. The resignation of Jane Norberg seems to be an insignificant incident. But in fact, many GTV Group investors consider this as a result of the large-scale protest demonstrations that have continued in front of the SEC building in the past week. GTV Group investors protest that the SEC was working in collusion with the CCP, false accusations against GTV Group, and the entrapment of many GTV investors.
The United States is a country that respects democracy and the rule of law. In 2011, the U.S. Securities and Exchange Commission established a whistleblower reward program (The Whistleblower/WB Rule Amendments). The bill was authorized by Congress. The purpose of this bill is to hope that whistleblowers can provide relevant information and assist the SEC to investigate whether the reported economic entity or listed company has violated the U.S. Securities Law and whether it has caused harm or economic loss to U.S. investors. The whistleblowers can get rewards ranging from 10% to 30% of the case fine.
Jane Norberg, who has just announced her resignation, has assumed this position since 2016. She has been in the department for 9 years and is a veteran of the department. During her tenure, the SEC’s whistleblowing office was booming. As so far, 148 individuals have been awarded about 762 million U.S. dollars. Currently, it planned to award about $200 million in bonuses to 40 individuals in the first six months of the 2021 fiscal year.
The original intention of establishing a reward system for whistleblowers was good. But the question is whether the SEC handled the report with fairness and justice.
Let’s take a look at the GTV Group investment perspective. Since the beginning of last year, GTV Group has legally accepted more than 9,000 individual investors from the US and other countries, with more than $2 billion initial investment. The entire business operations of GTV Group are in full compliance with U.S. laws and regulations.
GTV is a media group and integrated business platform that opposes the Chinese Communist Party (CCP). Since its establishment, it has been subjected to global suppression by the CCP at all costs. The CCP not only sent spies to lurk among the initial investors of GTV but also organized a large number of “fifty cents commentators” who are paid 50 cents a comment to discourage true investors and spread false rumors about GTV. These pseudo-types are numerous, and often confuse true investors and interfere with the daily operations of the GTV.
After the GTV was falsely accused by the CCP’s “fifty cents commentators” and spies, the SEC not only failed to investigate these false comments but contrarily, cooperated with the CCP’s “fifty cents commentators.” The SEC delayed the trial of the case and froze the funds of the initial investors of GTV for more than a year. During this period, more pseudo-types and “fifty cents commentators” from the CCP have come forward to publicly stigmatize the GTV group, such as Sara Wei.
Along with these false accusations, more GTV investors inside mainland China have received warnings and threats from the internal CCP police. Some GTV investors were also called to the police station to be questioned. They were asked to write a guarantee that they would never invest in GTV, and they were even forced to give false information to the SEC. Some investors are personally threatened and some have even disappeared. The CCP’s purpose is to crack down on the GTV investment group, or any anti-communist forces for political purposes.
Just imagine, how many GTV investors dare to openly admit to investing in GTV in China? How many overseas GTV Chinese investors are nervous about re-entering China, even if they go back to visit their relatives and friends? Considering this alone, the SEC should truly practice U.S. democracy and employ the legal system, protecting the legitimate investment rights of free investors. They should have a clear understanding of the false accusations and slanders instigated by the Chinese Communist Party. The SEC should speed up the process of hearing cases. Otherwise, the SEC will end up helping and assisting the bullies.
Collaborating with CCP will damage the rights and interests of many investors. This is also detrimental to the fundamental interests of many individual investors and to the original intention of the SEC to establish a whistleblower program. Essentially, it also hurts the U.S. securities finance market.
In the past five days, the SEC has faced strong pressure from many individual investors from GTV Group. More than 100 individual GTV investors came from many places in the United States to the SEC building in Washington D.C. and held protest rallies.
The protest was broadcasted live on the GTV website and had more than 1 million online viewers at each pinnacle moment. Moreover, many true investors of GTV also expressed discontent through the SEC’s reporting office. They requested the SEC to correctly handle the cases of false accusations and false complaints of GTV investors by the Communist Party.
Some of the protesters’ family members in China were threatened by the CCP police and asked to persuade their protesting family members to leave the protest scene. We ask the SEC to think this over carefully. If the CCP is not guilty, why should it interfere with the legal assembly of the people in the United States and express legitimate demands? Why interfere with the normal business of the SEC? Does the Chinese Communist Party intend to reach their “long-arm of jurisdiction” for no reason? Can the CCP reach out to the SEC and direct the SEC to suppress anti-communist groups?
We sincerely call on the SEC to serve the interests of the United States instead of collaborating with CCP China.
We ask the SEC to find out the truth behind the false accusations of GTV Group by the Chinese Communist Party as soon as possible.
We hope Emily Pasquinelli, who succeeded Jane Norberg as the new director of the SEC’s whistleblowing office, can uphold justice, truly protect the rights of investors, draw a clear line with the CCP, and truly serve the interests of the United States.
Author: Delilah小胖 | Proofreader: Jenny; Irene