Feds arrest Chinese tycoon linked to Steve Bannon and charge him with defrauding online fans to fund his yacht, Ferrari, and $36,000 mattresses

Chinese billionaire Guo Wengui in New York City, in April 2017.

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.
Wengui is an ally 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.

Wengui is facing 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, Wengui 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. 

Authorities say he used the stolen 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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Source:: Businessinsider

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