Robert Besser
19 Mar 2023, 13:59 GMT+10
WASHINGTON D.C.: The US government has charged exiled Chinese businessman Guo Wengui with being the mastermind behind a complex conspiracy to defraud online followers.
Authorities said that 52-year-old Guo, who has ties to former President Donald Trump adviser Steve Bannon, cheated thousands of followers out of more than $1 billion since 2018 by promising "outsized" investment returns.
Guo diverted most of his investor's money to fund a lavish lifestyle, with help from longtime financial adviser Kin Ming Je, according to authorities.
Officials said that Guo's fraudulent purchases included a $37 million yacht and a 50,000 square-foot mansion in northern New Jersey.
In a statement, US Attorney Damian Williams in Manhattan said that Guo, 52, was charged with 11 criminal counts, including securities fraud, wire fraud and concealment of money laundering, after "lining his pockets with the money he stole."
Guo was arrested last week and pleaded not guilty in Manhattan federal court before US Magistrate Judge Katharine Parker, who ordered him detained without bail.
A total of $634 million of Guo's alleged fraud proceeds from 21 bank accounts, including several at the now-closed Silvergate Bank, have been seized by the US Department of Justice.
If found guilty, the criminal charges against Guo could result in his being sent to prison for decades. He also faces US Securities and Exchange Commission civil charges.
Guo, who is a prominent critic of the Chinese Communist Party, left China in 2014 during an anti-corruption crackdown under President Xi Jinping, and has been accused of crimes, including bribery and money laundering, by Chinese authorities.
Get a daily dose of Cape Town Express news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cape Town Express.
More InformationBATAM, Indonesia: Due to mounting geopolitical tensions and protests against China's activities in the South China Sea, ASEAN member nations ...
FREMONT, California: This week, brain-chip startup Neuralink, owned by billionaire Tesla CEO Elon Musk, said an independent review board granted ...
BOSTON, Massachusetts: Officials said that a Delta flight from Chicago to Boston that was possibly struck by lightning landed safely ...
JAKARTA, Indonesia: An Indonesian court sentenced Lina Lutfiawati, also known as Lina Mukherjee, to two years in prison this week ...
HONG KONG: The Chinese Foreign Ministry has issued a request to all foreign consulates in Hong Kong, seeking the personal ...
MARTIN COUNTY, Florida: An Amazon driver making a delivery to a Florida home this week was bitten by a rattlesnake ...
Abuja, Nigeria - If you listen to the African leaders addressing the United Nations General Assembly this year, the message ...
New York [US], September 24 (ANI): Bhutan's Minister of Foreign Affairs Tandi Dorji congratulated India for the remarkable success of ...
Islamabad [Pakistan], September 24 (ANI): Ahead of the general elections in Pakistan, the World Bank gave a candid warning for ...
New York [US], September 24 (ANI): The ministers of IBSA, comprising India, Brazil, and South Africa agreed that terrorism is ...
New York [US], September 23 (ANI): The ministers of IBSA- India, Brazil and South Africa - have commended the successful ...
Chicago [United States], September 23 (ANI): Two-time World Cup winner Megan Rapinoe will play her final international match against South ...