Guo Wengui, a fugitive Chinese tycoon and Steve Bannon ally, was arrested on March 15 on fraud and money laundering charges. According to federal authorities, he is suspected of stealing money from thousands of internet fans.
The allegations surfaced after the businessman’s wealth was said to have declined significantly. Guo Wengui was valued at $1.1 billion in 2015, according to Opoyi, but he declared bankruptcy in February 2022. Wengui estimated that his funds had been reduced to $50,000 to $100,000.
According to the Wall Street Journal, Guo Wengui was once China’s 73rd wealthiest person, but his life changed in 2014 after Chinese officials accused him of bribery, kidnapping, money laundering, and assault. After leaving China, he became friends with former Donald Trump colleague Steve Bannon.
Guo Wengui is a GTV Media Company co-founder
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According to the New York Times, Guo Wengui amassed his fortune in China through successful real estate transactions. Wengui handed over an illegal recording of the politician to officials after a lawmaker tried to stymie one of his property transactions in 2006. Wengui claimed in 2014, after facing several allegations, that the Chinese government was pursuing him for political reasons.
After fleeing to America, he became friends with Steve Bannon and began to identify as a political activist skeptical of China. According to the Wall Street Journal, Wengui and Bannon co-founded GTV Media Company. Wengui reportedly paid Bannon $1 million for advisory services at G News, according to Axios.
BREAKING: Former Trump adviser Steve Bannon’s close friend and associate Guo Wengui has been arrested in New York for allegedly orchestrating a conspiracy that amounted to a $1 billion fraud, according to federal prosecutors. Wengui has previously been associated with Chinese… https://t.co/GjxrhLNiIX
According to CNBC, Guo Wengui and Steve Bannon allegedly used a complex online disinformation network to market dubious Covid-19 therapies to clients in 2020. He was ordered to pay $539 million in reimbursements in 2021 after being accused of illegal funding.
Authorities respond to Wengui’s allegations
In a formal declaration, US Attorney Damian Williams detailed the allegations against Wengui.
Williams claims the following:
“With the money he stole, [Guo] is accused of filling his coffers, including purchasing a 50,000 square foot home for himself and his close relatives, a $3.5 million Ferrari, and even two $36,000 beds, as well as funding a $37 million opulent boat.”
Michael J Driscoll, the FBI’s deputy director, condemned Wengui. Driscoll explains:
“The FBI continues to prioritize the investigation of complex financial crimes, and anyone attempting to commit these crimes will face the consequences in the criminal justice system.”
When Wengui was apprehended, his flat caught fire, according to The Guardian. FBI agents were allegedly present in the flat during the incident, and they now believe Wengui planned it to destroy any potential evidence.
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