• Chinese billionaire Guo Wengui was arrested in New York for orchestrating what the Department of Justice called a more than $1 billion fraud conspiracy.
  • Guo, also known as Miles Kwok, is an associate of former Trump White House advisor Steve Bannon.
  • The Securities and Exchange Commission filed a related civil complaint against Guo and his co-defendant in the criminal case, William Je, a financial advisor.
  • Bannon, while working with ex-Trump lawyer Rudy Giuliani, had "arranged for Guo and his followers to spread salacious videos and pictures from" a laptop owned by Hunter Biden, the son of President Joe Biden, a magazine has reported.
Former White House Chief Strategist Steve Bannon greets fugitive Chinese billionaire Guo Wengui before introducing him at a news conference on November 20, 2018 in New York.

Controversial exiled Chinese billionaire Guo Wengui — an associate of former Trump White House advisor Steve Bannon — was arrested Wednesday in New York for allegedly orchestrating a complex $1 billion fraud scheme that duped online followers with promises of outsized investment returns.

Guo allegedly used some of the money raised through his company GTV Media and other entities to buy a 50,000-square foot New Jersey mansion, a $37 million yacht, a $3.5 million Ferrari for his son, a $140,000 Bosendorfer piano and two Hasten 2000T mattresses that cost a whopping $36,000 apiece.