Chinese Businessman With Ties to Steve Bannon Arrested for $500M Crypto Scam

• Guo Wengui was arrested and charged with fraud for allegedly orchestrating fraudulent schemes that bilked investors out of $1.4 billion.
• The schemes were related to GTV Media Group, the Chinese social media company formed by Guo and Steve Bannon in April 2020.
• Bannon was arrested on Guo’s yacht in August 2020 and charged with conspiracy to commit wire fraud and money laundering in connection to a fundraising effort for a US-Mexico border wall.

Chinese Businessman With Ties to Steve Bannon Arrested

Exiled Chinese businessman Guo Wengui was arrested in New York on Wednesday morning and charged with fraud for allegedly orchestrating a series of fraudulent schemes that bilked retail investors out of a collective $1.4 billion. Hours after his arrest, Guo’s luxury penthouse apartment on Manhattan’s Upper East Side caught fire, burning for two hours before firefighters were able to put out the blaze. The Federal Bureau of Investigation (FBI) is reportedly investigating the fire. The 15-room apartment is currently on the market for $32.5 million.

$500M Crypto Scam Allegations

Out of Guo’s four alleged schemes, three were related to GTV Media Group, the Chinese social media company formed in April 2020 by Guo and Steve Bannon – a longtime ally and former adviser to former U.S President Donald Trump. The three alleged schemes raised an estimated $857 million.

Steve Bannon Arrested On Yacht

Bannon was arrested on Guo’s yacht, the 152-foot-long Lady May, in August 2020 and charged with conspiracy to commit wire fraud and money laundering in connection to a crowdfunded effort to build a border wall between Mexico and the United States using private donations from supporters of President Trump’s campaign promises during his 2016 presidential run .

Fraud Charges For Multiple Schemes

Guo has been accused of engaging in multiple schemes that defrauded investors out of large sums of money including crypto scams worth up to $500 million dollars each time he carried out one such scheme .

Investigation Into Fire At Penthouse Apartment

The FBI is reportedly investigating the fire at Guo’s penthouse apartment which occurred shortly after his arrest due to possible suspicious activity surrounding it .