Chinese businessman and Steve Bannon ally Guo Wengui charged in $1 billion fraud scheme

Chinese businessman Guo Wengui, an associate of Steve Bannon, has been arrested in New York for allegedly orchestrating a $1 billion fraud conspiracy through his company GTV Media and other entities. Guo allegedly used some of the money raised to buy luxury items, including a mansion, yacht, Ferrari, piano, and mattresses. The SEC separately filed a related civil complaint against Guo, accusing him of making misrepresentations in raising hundreds of millions of dollars from investors through a cryptocurrency asset known as H-Coin. Guo and his financier Kin Ming Je are charged with wire fraud, securities fraud, bank fraud, and money laundering in the criminal case.