Facts

• Guo Wengui, a Chinese businessman based in New York, has been charged by US authorities with leading a billion-dollar fraud scheme alongside his business partner Kin Ming Je — a dual Hong Kong-British citizen who's not yet in custody.^[1]
• He’s been charged with 11 criminal counts, including securities fraud, wire fraud, and concealment of money laundering. He was arrested Wednesday and pleaded not guilty in a Manhattan federal court.^[2]
• Guo, an associate of former Pres. Donald Trump White House advisor Steve Bannon, allegedly promised outsized investment returns via his company, GTV Media. He reportedly used some of the funds to purchase personal items, including a New Jersey mansion, a $37M yacht, and a $3.5M Ferrari.^[3]
• Authorities have seized $634M in alleged criminal proceeds from Guo, who also goes by the names Miles Kwok and Ho Wan Kwok. The amount includes a $389M seizure in September 2022 from accounts tied to Silvergate Capital, a crypto-focused company that shut down last week.^[4]
• Guo has agreed to detention while his attorney prepares a bail proposal. He's scheduled to next appear in court on April 4.^[5]
• Guo, a critic of the Chinese government, left China in 2014. He sought asylum in the US in 2017, claiming he was being persecuted by the CCP for exposing corruption within China's leadership.^[6]