Feds arrest Chinese tycoon linked to Steve Bannon and charge him with defrauding online fans to fund his yacht, Ferrari, and $36,000 mattresses
Brendan McDermid/Reuters
- A Chinese tycoon was arrested and charged with defrauding his online followers out of over $1 billion.
- Feds say Guo Wengui used stolen money to buy a $3.5 million Ferrari and two $36,000 mattresses.
- Guo is an ally and business associate of Steve Bannon.
Exiled Chinese tycoon Guo Wengui, an ally of Steve Bannon, has been arrested and charged with defrauding his online followers out of over $1 billion and using the money to fund his extravagant lifestyle.
Guo is facing 11 counts of various fraud and money laundering charges, the US Attorney's Office for the Southern District of New York announced on Wednesday.
Along with his financier William Je, Guo has been charged with soliciting "investments in various entities and programs through false statements and representations to hundreds of thousands" of online followers. He allegedly asked his followers to invest in or give money to GTV, the Himalaya Farm Alliance, and the Himalaya Exchange.
Between September 2022 and this month, the US government has seized over $630 million from 21 different bank accounts that were allegedly from Wengui's fraud, according to the press release.
Guo's closeness with Steve Bannon, one of the key architects of Donald Trump's rise to the presidency, is well-documented.
Authorities say Guo used the misappropriated money to buy things for himself and his close relatives, including a $3.5 million Ferrari, two $36,000 mattresses, and a 50,000 square foot mansion. He also allegedly used the money to finance a $37 million luxury yacht, according to the charges.
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