Chinese billionaire and associate of Steve Bannon arrested in $1 billion fraud conspiracy, officials say

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Chinese billionaire and associate of Steve Bannon arrested in $1 billion fraud conspiracy, officials say
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Exiled Chinese billionaire Guo Wengui, an associate of former Trump White House advisor Steve Bannon, has been arrested and accused of orchestrating a $1 billion fraud scheme, prosecutors say.

, was arrested by federal authorities in New York on Wednesday morning, accused of orchestrating a $1 billion fraud scheme, prosecutors announced.

Guo and his alleged co-conspirator Kin Ming Je, also known as William Je, are accused of taking advantage of Guo’s online presence to solicit investments in various companies and programs by “promising outsized financial returns and other benefits,” prosecutors said. They then misappropriated hundreds of millions of dollars of fraudulently obtained funds, which Guo allegedly used on a lavish lifestyle.

Attorney information for Guo and Kin was not immediately available Wednesday. Bannon did not respond to a request for comment. Guo is a controversial figure. He is an exiled Chinese businessman who has lived in the United States since about 2015 and has amassed a “substantial online following,” prosecutors said. He is also a business associate of Bannon, who wasThe fraud scheme took place from 2018 through this month, with Guo at the helm, prosecutors said.

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