Key takeaways:
- Exiled Chinese billionaire Guo Wengui was arrested by federal authorities in New York on Wednesday morning on charges of fraud and money laundering.
- The U.S. Attorney’s Office for the Southern District of New York charged Guo with 12 counts including wire fraud, securities fraud, bank fraud and money laundering in an indictment unsealed Wednesday.
- The charges against Guo come as the U.S. government has been cracking down on Chinese nationals accused of fraud and money laundering.
Exiled Chinese billionaire Guo Wengui, also known as Miles Kwok, Ho Wan Kwok, and other aliases, was arrested by federal authorities in New York on Wednesday morning on charges of fraud and money laundering.
The U.S. Attorney’s Office for the Southern District of New York said in a news release that Guo, who is closely tied to former Trump White House adviser Stephen K. Bannon, was charged with 12 counts including wire fraud, securities fraud, bank fraud and money laundering in an indictment unsealed Wednesday.
According to the indictment, Guo and an associate named William Je created a “series of complex fraudulent and fictitious businesses” through which they purportedly defrauded thousands of investors. The scheme is alleged to have been worth $1 billion.
The FBI spokesperson said agents were executing a search warrant at Guo’s residence in Manhattan. It is unclear if Guo has an attorney who can speak on his behalf.
The charges against Guo come as the U.S. government has been cracking down on Chinese nationals accused of fraud and money laundering. This case is the latest example of the government’s efforts to combat financial crimes.
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