DOJ arrests Chinese billionaire over alleged $1B fraud scheme – By Jacob Knutson (Axios) / Mar 15, 2023
The Department of Justice arrested fugitive Chinese billionaire Guo Wengui, an associate of Steve Bannon, on Wednesday over multiple charges stemming from an alleged $1 billion fraud scheme.
Driving the news: Federal prosecutors in Manhattan allege Guo, who is also known as Miles Kwok, promised thousands of his online followers outsized returns if they invested in GTV and his other business entities.
Prosecutors said Guo and members of his family used the money to buy a 50,000-square-foot mansion, a $3.5 million Ferrari and two $36,000 mattresses and for financing a $37 million yacht.
Guo was also charged for allegedly laundering hundreds of millions of stolen funds to conceal the conspiracy’s illegal activities and continue the fraud’s operations.
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