Guo Wengui, a fugitive Chinese tycoon and Steve Bannon ally, was detained on fraud and money trafficking allegations on March 15. According to federal officials, he is suspected of stealing financial funds from thousands of internet fans. The claims surfaced after the businessman’s wealth allegedly declined significantly. According to Opoyi, Guo Wengui was valued at $1.1 billion in 2015, but he declared insolvency in February 2022. Wengui calculated that his funds had been reduced to between $50,000 and $100,000.
According to the Wall Street Journal, Guo Wengui was once the 73rd wealthiest individual in China, but his life altered in 2014 after Chinese officials accused him of bribes, abduction, money fraud, and attack. He became a friend of former Donald Trump colleague Steve Bannon after leaving China.
Guo Wengui is a co-founder of GTV Media Company.
According to the New York Times, Guo Wengui made his wealth in China through profitable property transactions. After a lawmaker tried to stymie one of his property transactions in 2006, Wengui handed over an illegal recording showing the politician to officials. After facing several allegations, Wengui alleged in 2014 that the Chinese government was pursuing him for political purposes. He became affiliated with Steve Bannon after escaping to America and started identifying as a political activist skeptical of China. Wengui and Bannon co-founded GTV Media Company, according to the Wall Street Journal. According to Axios, Wengui paid Bannon $1 million for advisory services at G News.
BREAKING: Former Trump advisor Steve Bannon’s good friend and associate Guo Wengui has just been arrested in New York for allegedly orchestrating a conspiracy that federal prosecutors say amounted to fraud of over $1 billion. Wengui has previously been linked to Chinese… https://t.co/GjxrhLNiIX
— Ed Krassenstein (@EdKrassen) March 15, 2023
Guo Wengui and Steve Bannon reportedly used a complex online disinformation network to market dubious Covid-19 therapies to clients in 2020, according to CNBC. After being suspected of unlawful funding, he was compelled to pay $539 million in reimbursements in 2021.
Authorities weigh in on Wengui’s accusations.
US Attorney Damian Williams detailed the allegations against Wengui in a formal declaration.
According to Williams:
“[Guo] is accused of filling his coffers with the money he took, including purchasing a 50,000 square foot home for himself and his close relations, a $3.5 million Ferrari, and even two $36,000 beds, as well as funding a $37 million opulent boat.”
Wengui was denounced by Michael J Driscoll, deputy director of the FBI. According to Driscoll:
“The FBI continues to prioritize the investigation of complicated financial crimes, and anyone trying these crimes will confront the repercussions in the criminal justice system.”
According to The Guardian, when Wengui was apprehended, a fire broke out in his flat. FBI officers were allegedly present in the flat during the incident, and they now believe Wengui planned it to eliminate possible proof.
