Self-exiled Chinese tycoon Guo Wengui, who is known for his outspoken criticism of the Chinese government and his association with former White House advisor Steve Bannon, was arrested in New York on Wednesday on charges of wire fraud, securities fraud, bank fraud, and money laundering.
The US attorney for the southern district of New York, Damian Williams, announced that Guo is accused of leading a complex scheme to defraud thousands of his online followers out of more than $1 billion, which he allegedly used to buy a $37 million yacht, a $3.5 million Ferrari, a 50,000-square-foot New Jersey mansion, and other extravagant items.
Prosecutors also seized more than $650 million in alleged fraud proceeds from 21 different bank accounts and assets.
Guo, who pleaded not guilty to the charges, postponed his bail application until his lawyers return from out of town.
His financial advisor, Kin Ming Je, also known as William Je, was named in the charges and faced an additional count of obstruction of justice.
