Chinese tycoon Guo Wengui charged with $1bn fraud and arrested in New York.

Chinese billionaire and critic of the Chinese Communist Party, Guo Wengui, has been charged in the US with defrauding investors out of $1bn. Guo is accused of pocketing money raised from investors who were promised outsized returns for backing a number of his business ventures. He is also alleged to have laundered hundreds of millions of stolen funds to conceal the conspiracy’s illegal activities and continue the fraud. Guo and his business partner face 11 charges, including wire fraud, securities fraud, and money laundering.