Guo Wengui, Chinese businessman with ties to Steve Bannon, arrested in $1 billion fraud probe

Chinese businessman Guo Wengui was arrested Wednesday at his $68 million apartment on Fifth Avenue in New York City for allegedly planning a $1 billion fraud scheme involving his online accounts. Followers were promised large financial benefits, the US Department of Justice. announced.

Gove, 52, is scheduled to appear in court today, and the government will ask to be detained as a “flight risk,” citing his armed security and extensive resources, according to court records. Gove is known to hire 24-hour security guards and travel in luxury vehicles, according to court records. The 12-count indictment against Guo and financier Qin Ming-Jay includes charges of wire fraud, securities fraud, bank fraud, and money laundering.

The securities exchange and the commission also filed civil charges against Go on Wednesday, saying in a federal filing that he committed multiple frauds.

An asset the Justice Department seized in an alleged $1 billion fraud scheme orchestrated by Chinese businessman Guo Wengui.

US Department of Justice

In 2018, Guo, also known as Miles Kwok or Miles Guo, founded two non-profit organizations, the Rule of Law Foundation and the Rule of Law Society. An outspoken critic of China’s Communist ruling party, Gu used his platform to “collect followers aligned with his desired policy goals in China,” the U.S. Attorney’s Office for the Southern District of New York said. said in a statement. He then used his popularity to convince his followers to invest in fictitious projects, according to court records.

Guo then allegedly transferred the funds to bank accounts in the United States, the Bahamas and the United Arab Emirates, and used the money for luxury purchases, including a Lamborghini Aventador SVJ Roadster, a 145-footer named “Lady May.” Two $36,000 mattresses, according to luxury yacht maintenance and court records.

A mansion allegedly brought by Chinese businessman Guo Wengui with funds in a $1 billion fraud scheme.

US Department of Justice

Guo left China in 2014 after being accused of bribery and money laundering. There have been Chinese prosecutors. Establishing a case against him since then. Since 2015, he has lived in the United States, where he developed a close relationship with former Trump adviser and right-wing political operative Steve Bannon.

In 2020, Guo and Bannon announced Purpose of joint action On the overthrow of the Chinese government

Bannon was aboard Gow’s boat, the “Lady May,” when he was Arrested in August 2020. on federal charges of defrauding donors for a “build the wall” fundraising initiative. Bannon was later pardoned by then-President Trump in the case.

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