BREAKING: Guo Wengui, an exiled Chinese billionaire with business ties to Steve Bannon, has been arrested on federal charges out of New York.
The FBI arrested Guo, also known as Ho Wan Kwok, Wednesday morning in New York on charges he orchestrated a $1 billion fraud.
"Kwok is charged with lining his pockets with the money he stole, including buying himself, and his close 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," U.S. Attorney Damian Williams said. The SEC filed civil charges Wednesday that accused Guo and his financial adviser, Kin Ming Je, of "multiple offering frauds" that targeted retail investors through online and social media posts and videos.
Former White House Chief Strategist Steve Bannon, right greets fugitive Chinese billionaire Guo Wengui before introducing him at a news conference, Nov. 20, 2018, in New York."Since in 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.
Guo, 54, pitched three unregistered securities offerings to investors as a means of obtaining shares in GTV and a fourth offering as a means to obtain a crypto asset security called "H-Coin" that he falsely claimed was backed by gold reserves, the SEC said.
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