Prosecutors say Guo used money raised in various fraud schemes to enrich his family and buy a $45 million mansion, yacht and multi-million dollar cars.
An exiled-Chinese businessman who has been close allies with far-right political strategist Steve Bannon, has been arrested and charged with allegedly running a $1 billion fraud and using the money to enrich his family and fund a media empire.
Ho Wan Kok, who is more widely known as Guo Wengui or Miles Guo, is accused of operating a variety of fraudulent schemes in which he allegedly misappropriated hundreds of millions of dollars given to him by investors and a network of online followers. “Guo was a serial fraudster,” 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.”The alleged fraud revolved around several ventures Guo pitched to investors, one of which involved GTV Media Group Inc.
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