Bannon-allied Chinese billionaire arrested on fraud charges

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Billionaire businessman Guo Wengui, also known as Miles Kwok, and his colleague Yanjun Xu have been charged with fraudulently raising hundreds of millions of dollars, mainly from Chinese nationals, in 2018 and 2019. The charges, which include conspiracy to commit securities fraud, wire fraud and conspiracy to commit money laundering, were unveiled in a Manhattan court in New York. Court filings indicate that the two are alleged to have both used false statements about their businesses while also creating fake websites and LinkedIn profiles to entice potential investors. Guo and his company GTV Media purported to be developing a social media platform, however the indictment alleges that funds were instead diverted to buy luxury items, including a $37m yacht. Prosecutors claim that they tricked more than 5,500 investors into buying almost $452m in GTV stock, with the funds diverted into bank accounts owned by a relative of Guo. Separately, a trial is set to begin this month in Washington in which hip-hop producer Pras Michel is accused of lobbying for China to deport Guo, among others.

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