DOJ accuses Steve Bannon’s aide of Guo Wengui of $1 billion fraud

Controversial Chinese businessman Guo Wengui, an ally of former Trump White House adviser Steve Bannon, was arrested in New York on Wednesday over what federal prosecutors called a more than $1 billion fraud conspiracy that promised “outsized” investment returns to online followers. Cheated with the promise of ,

Prosecutors said they seized more than $650 million in alleged fraud proceedings from 21 different bank accounts as part of the case in Manhattan federal court.

The Securities and Exchange Commission separately filed a civil complaint against Guo, who is known by several different names, including Miles Guo and Miles Kwok.

Guo’s financier Qin Ming Jie, also known as William Jie, has also been charged in criminal and civil cases.

In a statement, Manhattan US Attorney Damian Williams said, “As alleged, Ho Van Quoc, better known as ‘Miles Guo’, defrauded thousands of his online followers of more than $1 billion.” led to a complex conspiracy.”

Kwok is alleged to have lined his own pockets with the stolen money, including buying himself and 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,” Williams said.

The defendants are charged with wire fraud, securities fraud, bank fraud and money laundering in the criminal case.

Gurbir Grewal, director of the SEC’s Enforcement Division, said the agency alleges that Guo was “a serial fraudster who raised more than $850 million by promising investors returns on purported crypto, technology and luxury good investment opportunities.”

“In effect, Guo took advantage of the publicity and allure of crypto and other investments to victimize thousands of people and fund the lavish lifestyle for himself and his family,” Grewal said.

This is breaking news. Check back for updates.