Chinese billionaire Guo Wengui arrested in $1 billion fraud conspiracy with Steve Bannon associate.

Chinese billionaire and exiled businessman Guo Wengui, also known as Miles Guo, has been arrested in New York for allegedly orchestrating a $1 billion fraud scheme. He is accused of defrauding thousands of his online followers by promising outsized financial returns and other benefits, and then misappropriating hundreds of millions of dollars of fraudulently obtained funds. Guo's financier, Kin Ming Je, was also charged in the indictment. The US government has seized $634 million in alleged fraud proceeds from 21 different bank accounts, as well as assets purchased with the proceeds of the alleged fraud. Guo is a business associate of former Trump White House adviser Steve Bannon, who was arrested on his yacht in a fraud case in August 2020.