DOJ charges Chinese businessman Guo Wengui, associate of Steve Bannon, in $1 billion fraud

The arguable Chinese businessman Guo Wengui, an subordinate of erstwhile Trump White House advisor Steve Bannon, was arrested successful New York connected Wednesday for orchestrating what national prosecutors called a much than $1 cardinal fraud conspiracy that duped online followers with promises of "outsized" concern returns.

Prosecutors said they person seized much than $650 cardinal successful alleged fraud proceeds from 21 antithetic slope accounts arsenic portion of the lawsuit successful Manhattan national court.

The Securities and Exchange Commission separately filed a civilian ailment against Guo, who is known by aggregate antithetic names, including Miles Guo and Miles Kwok.

Also charged successful the transgression and civilian cases is Guo's financier Kin Ming Je, besides known arsenic William Je.

In a statement, Manhattan U.S. Attorney Damian Williams said, "As alleged, Ho Wan Kwok, known to galore arsenic 'Miles Guo,' led a analyzable conspiracy to defraud thousands of his online followers retired of implicit $1 cardinal dollars."

"Kwok is charged with lining his pockets with the wealth helium stole, including buying himself, and his adjacent relatives, a 50,000 quadrate ft mansion, a $3.5 cardinal Ferrari, and adjacent 2 $36,000 mattresses, and financing a $37 cardinal luxury yacht," Williams said.

The defendants are charged with ligament fraud, securities fraud, slope fraud, and wealth laundering successful the transgression case.

Gurbir Grewal, manager of the SEC's enforcement division, said the bureau alleges Guo "was a serial fraudster, who raised much than $850 cardinal by promising investors outsized returns connected purported crypto, exertion and luxury bully concern opportunities."

"In reality, Guo took vantage of the hype and allure surrounding crypto and different investments to victimize thousands and money his and his family's lavish lifestyle," Grewal said.

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