this controversial Exiled Chinese billionaire businessman Guo Wenguiaide to former Trump White House adviser steve bannonArrested in New York on Wednesday on charges of orchestrating what federal prosecutors say is more than $1 billion fraudulent conspiracy Defrauding online followers with promises of “excessive” return on investment.
Prosecutors say they have seized more than $650 million in alleged fraudulent proceeds from 21 different bank accounts and a Lamborghini Aventador SVJ Roads car as part of a Manhattan federal court case.
this Securities and Exchange Commission A related civil suit was filed separately against Guo, who is known by various names, including Miles Guo and Wan Li Guo. Since 2015, he has lived in the United States.
Also indicted in the criminal and civil cases is Guo’s financier Kin Ming Je, also known as William Je.
The SEC charged Guo and Je with engaging in unregistered and fraudulent financial products. The SEC has separately accused Guo of making false statements while raising hundreds of millions of dollars from investors through a crypto asset called “H-Coin.”
In August 2020, federal authorities arrested Bannon aboard a megayacht belonging to Guo off the coast of Connecticut on charges of embezzling funds from a “We Build the Wall” fundraiser. A few months later, shortly before Trump left the White House, former President Donald Trump pardoned Bannon in the case.
Guo and Jie, who are still at large, “conspired to defraud thousands of victims” in the scheme from 2018 through this month, the grand jury indictment unsealed Wednesday said.
Prosecutors said the alleged conspiracy involved using different entities and processes to obtain investments from victims who were duped by misrepresentations and misrepresentations.
“Kwok lied to his victims and promised them handsome returns if they invested or provided money to GTV [Media] His so-called Himalaya Farms Alliance, G|CLUBS, and Himalaya Exchange,” prosecutors said in a release.
Manhattan U.S. Attorney Damian Williams said in a statement: “As alleged, He Yunguo, dubbed by many as ‘Guo Wengui,’ led a complex conspiracy to extract information from his thousands of online followers. defrauded over $1 billion.”
“Guo is accused of enriching himself with stolen money, including buying a 50,000-square-foot mansion for himself and his close relatives, a $3.5 million Ferrari, and even two mattresses worth $36,000, as well as financing a $37 million luxury yacht,” Williams said.
In the criminal case, the defendants were charged with wire fraud, securities fraud, bank fraud and money laundering. Je was also charged with obstruction of justice.
Gurbir Grewal, director of the SEC’s enforcement division, said the agency accused Guo “of being a serial fraudster who raised more than $850 million by promising investors outsized returns on investment opportunities in cryptocurrencies, technology and luxury goods.”
“In effect, Guo exploited the hype and allure surrounding cryptocurrencies and other investments to victimize thousands of people and finance his and his family’s lavish lifestyle,” Grewal said.
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