(DailyVantage.com) – The US Justice Department announced on March 15 that Chinese-born billionaire Guo Wengui, who also goes by the names Miles Guo and Miles Kwok, had been arrested and charged with 11 counts of fraud, money laundering, and other crimes.
After fleeing China for the United States in 2014, Guo became an associate of former White House Chief Strategist and Breitbart chairman Steve Bannon. Guo worked with Bannon on ‘G News’, a media company which made videos criticizing the Chinese government, and their relationship came under scrutiny in August 2020 when Bannon was arrested on fraud charges in Connecticut waters while on Guo’s luxury yacht.
Guo was arrested on the morning of March 15 in New York City and is accused of defrauding investors of more than $1 billion and laundering the money to hide his activities. Guo declared bankruptcy in February 2022.
Damian Williams, the US Attorney for the Southern District of New York, announced in a statement that the government had seized $634 million from 21 bank accounts associated with Guo and had also seized his assets, including a luxury Ferrari.
The Justice Department alleged that four of Guo’s businesses were wrapped up in the fraud scheme: GTV, G|Clubs, the Farm Loan Program, and the Himalaya Exchange.
Guo faces four charges of Wire Fraud, three charges of Securities Fraud, one charge of International Promotional Money Laundering, one charge of International Concealment Money Laundering, one charge of Unlawful Monetary Transactions, and one charge of Conspiracy to Commit Wire Fraud, Bank Fraud, Securities Fraud and Money Laundering.
Nine of the charges carry a maximum sentence of twenty years in prison each.
The Justice Department has called on any victims of Guo’s alleged fraud to come forward. An alleged accomplice of Guo — financier Kin Ming Je, also known as William Je — is charged with the same 11 counts as Guo, as well as an additional charge of Obstruction of Justice. According to the department, Je is currently at large.
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