The FBI has arrested exiled Chinese billionaire — and close Steve Bannon associate — Guo Wengui on federal charges that he masterminded a $1 billion fraud scheme.
The Securities and Exchange Commission filed civil charges against Guo and business associate Kin Ming Je on Wednesday, March 15, accusing them of using social media and other online posts and videos to target retail investors with fraudulent offers. According to the SEC, Guo used the ill-gotten funds to buy himself, and close friends, luxury items including a $3.5 million Ferrari and two $36,000 mattresses.
Guo also allegedly used the money to buy a 50,000 square foot mansion and finance a $37 million yacht. According to the SEC complaint, Guo started to conduct “fraudulent securities offering” around April 2020, raising at “at least hundreds of millions of dollars from investors in the United States and around the world.” The scheme allegedly involved pitching investors three unregistered securities as a way of buying shares of GTV Media Group, the company Guo and Bannon founded in 2020.
Guo, who made his money in real estate development and investments, has long been a staunch critic of China’s ruling regime — and has been living in exile from his home country since 2014. (He’s considered a fugitive by the Chinese government, and oddly enough, the
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