Miles Guo, a Chinese businessman in exile, and his financial advisor William Je have been charged by the U.S. Securities and Exchange Commission(SEC) for their involvement in unregistered and fraudulent offerings that raised over $850 million, according to a statement released by the commission.

According to the complaint, the SEC charged exiled Chinese businessman Miles Guo, along with G Club Operations LLC and Mountains of Spices LLC, with violating securities laws in connection with unregistered offerings. Guo alone is charged with fraudulently raising hundreds of millions of dollars through a crypto asset security known as "H-Coin," “Himalaya Coin,” or “HCN” and a related purported stablecoin, and making false statements about its value and backing.

"We allege that Guo was a serial fraudster, who raised more than $850 million by promising investors outsized returns on purported crypto, technology and luxury good investment opportunities," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. "In reality, Guo took advantage of the hype and allure surrounding crypto and other investments to victimize thousands and fund his and his family’s lavish lifestyle."