An exiled Chinese billionaire with ties to Steve Bannon has been arrested by the FBI in New York over allegations he orchestrated a billion-dollar fraud, then spent the money on a yacht, mansion and other outrageous luxuries.
Guo Wengui was arrested by officers on Wednesday morning for an elaborate scam to defraud his legion of online subscribers through fictitious investments. He is expected to appear in court today.
The business mogul, who also uses a host of aliases, splashed the cash on a 50,000 square foot New Jersey mansion, a Lamborghini supercar and a luxury yacht worth around $37 million. dollars.
He also splurged on Chinese and Persian rugs worth around $978,000, a $62,000 television and a $53,000 fireplace cradle rack.
Prosecutors on Wednesday revealed information about the elaborate fraud as well as extraordinary details about the luxury Guo snatched. Guo is charged alongside his financial adviser William Je, a dual citizen of Hong Kong and the United Kingdom who was the “financial architect and chief money launderer” of the fraud.
Guo Wengui is pictured, left, with Steve Bannon, right. In 2018, Guo teamed up with Bannon in an attempt to overthrow the Communist Chinese government.
Prosecutors seized Guo’s $37 million ‘Lady May’ yacht, where former White House chief strategist Steve Bannon was arrested on board on unrelated charges in 2020
Prosecutors released photos of a 50,000-square-foot New Jersey mansion that Guo allegedly bought with fraud money
About $634 million held in 21 different bank accounts was also seized by investigators, the U.S. attorney’s office said.
US Attorney Damian Williams said: “Ho Wan Kwok, known to many as ‘Miles Guo’, led an elaborate conspiracy to defraud thousands of his online subscribers out of over $1 billion.
“Kwok is accused of lining his pockets with the money he stole, including buying himself and his relatives a 50,000 square foot mansion, a $3.5 million Ferrari and even two $36,000 mattresses, and financing a $37 million luxury yacht.”
Guo is closely linked to Bannon, the right-wing firebrand who helped Donald Trump secure victory in the 2016 presidential election and later served as chief White House strategist.
Bannon was arrested on Guo’s 152-foot yacht, Lady May, in August 2020 on fraud charges related to the We Build the Wall fundraising campaign for a wall between the United States and Mexico.
The SEC also filed charges against Guo and Je today that allege “multiple offer fraud” targeting retail investors online and via social media.
“Since or about April 2020, Guo has conducted fraudulent securities offerings that have collectively raised at least hundreds of millions of dollars from investors in the United States and around the world,” the SEC case said. .
“Unbeknownst to these investors, Guo and his financial advisor, Je, have diverted a large portion of the funds raised from some of the relevant offerings to enrich themselves and their family members.”
A Bugatti Veyron supercar that has been seized by authorities who say Guo orchestrated a $1 billion fraud
Guo made billions through business ventures in China before fleeing to the United States in 2014 to flee arrest on allegations of bribery, kidnapping, money laundering, fraud and rape.
Steve Bannon and Guo are friends and the pair once staged a stunt that saw a plane carrying an anti-CCP banner fly over the Statue of Liberty.
Guo made billions through business ventures in China before fleeing to the United States in 2014 to flee arrest on allegations of bribery, kidnapping, money laundering, fraud and rape.
He filed for bankruptcy in the United States in February last year and claimed his assets had fallen to less than $100,000.
In 2018, Guo teamed up with Bannon in an attempt to overthrow the Communist Chinese government. They mounted a stunt that saw a plane carrying an anti-CCP banner fly over the Statue of Liberty.
Guo also shed his own blood on a document promising to overthrow Chinese President Xi Jinping’s party.
More follows.
