$1 Billion Fraud: Bannon's Chinese Billionaire Pal Arrested
Exiled Chinese businessman Guo Wengui, a pal of former Trump White House advisor Steve Bannon, was arrested in New York for orchestrating a more than $1 billion fraud conspiracy.
If Wengui ends up in prison, he will no longer have access to his 50,000-square-foot New Jersey mansion, $3.5 million Ferrari, Chinese and Persian rugs worth nearly $1 million, and a $4.4 million Bugatti. That's what Mr. Fancy Pants spent the cash on. And the feds are seizing all of those luxury items.
Via The Daily Beast:
Federal prosecutors unsealed a 12-count indictment against Guo, who is also known as "Miles Kwok," "Brother Seven," and "The Principal," charging the mysterious moneyman with a raft of wire fraud, securities fraud, bank fraud, and money laundering counts.
Guo, 52, and co-conspirator Jin Ming Je, 56, misappropriated some $1 billion in "fraudulently obtained funds during the course of their conspiracy," according to the Department of Justice. Guo allegedly used the money, for, among other things, a 50,000-square-foot New Jersey mansion, upkeep on a $37 million yacht, a $3.5 million Ferrari, Chinese and Persian rugs worth nearly $1 million, a $4.4 million Bugatti sports car, a Lamborghini Aventador SVJ Roadster, a Rolls-Royce Phantom EWB, a $62,000 television, a $53,000 fireplace log cradle holder, and two $36,000 mattresses that are apparently made of horse hair.