On Wednesday, March 15, exiled Chinese businessman and Steve Bannon associate Guo Wengui was arrested on fraud and money laundering charges. As per Federal authorities, he is accused of misappropriating investment money collected from thousands of online followers.The allegations emerged after the businessman reportedly saw a substantial decline in his fortune. According to Opoyi, while Guo Wengui was known to be worth $1.1 billion in 2015, he filed for bankruptcy in February 2022. Wengui estimated that his assets had dropped to somewhere between $50,001 and $100,000.Ed Krassenstein@EdKrassenBREAKING: 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… twitter.com/i/web/status/1…50571051BREAKING: 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… twitter.com/i/web/status/1…The Wall Street Journal noted that while Guo Wengui was once the 73rd richest person in China, his life changed in 2014 after Chinese authorities accused him of several charges, including bribery, kidnapping, money laundering, and assault. After fleeing China, he became an associate of former Donald Trump associate Steve Bannon.Guo Wengui co-founded GTV Media GroupAs per the New York Times, Guo Wengui initially cultivated his fortune in China through lucrative land deals. In 2006, after a politician attempted to curb one of his land deals, Wengui delivered an illicit tape featuring the said politician to authorities.Aaron Katersky@AaronKaterskyA 2-alarm fire is burning in the 18th floor apartment at the Sherry-Netherland hotel where Steve Bannon's one-time business partner Guo Wengui was arrested. The FBI is working to determine whether there was a connection50041716A 2-alarm fire is burning in the 18th floor apartment at the Sherry-Netherland hotel where Steve Bannon's one-time business partner Guo Wengui was arrested. The FBI is working to determine whether there was a connectionIn 2014, after Wengui faced several accusations, he claimed that the Chinese government was targeting him for political reasons. After fleeing to America, he was associated with Steve Bannon and began identifying as a political dissident critical of China. Wall Street Journal noted that Wengui and Bannon co-founded GTV Media Group. Axios stated that Wengui paid Bannon $1 million for G News consulting services.CNBC reported that in 2020, during the Covid-19 pandemic, Guo Wengui and Steve Bannon allegedly used a sophisticated online misinformation network to sell questionable Covid treatments to customers. In 2021, he was forced to pay $539 million in refunds after being accused of illegal fundraising.Officials comment on the charges against WenguiIn an official statement, US Attorney Damian Williams outlined the accusations against Wengui.🍸🇺🇸@Landauer_m@AaronKatersky What a bad day for this guy. First he's arrested in major fraud charges then his apartment catches fire. So much bad luck. Oh, or maybe ... 🤔332@AaronKatersky What a bad day for this guy. First he's arrested in major fraud charges then his apartment catches fire. So much bad luck. Oh, or maybe ... 🤔Williams said:“[Guo] is charged with lining his pockets with the money he stole, including buying himself, and his close relatives, a 50,000 sq ft mansion, a $3.5m Ferrari, and even two $36,000 mattresses, and financing a $37m luxury yacht."Michael J Driscoll, assistant director of the FBI, condemned Wengui. Driscoll said:“The FBI continues to make investigating complex financial crimes a top priority, and anyone attempting these crimes will be made to face the consequences in the criminal justice system.”Journalist Lixy@lixi32730051Guo Wengui was arrested in New York on suspicion of defrauding $1 billion.In 2017, Guo was wanted for forging official documents of state organs and providing them to overseas for a fee. Fleeing to the US to apply for asylum, trying to curry favor with the Trump administration.1Guo Wengui was arrested in New York on suspicion of defrauding $1 billion.In 2017, Guo was wanted for forging official documents of state organs and providing them to overseas for a fee. Fleeing to the US to apply for asylum, trying to curry favor with the Trump administration. https://t.co/9WOrebCfaYThe Guardian reported on Wednesday that when Wengui was arrested, a fire broke out in his apartment. FBI agents were supposedly in the apartment during the fire, and they now suspect that Wengui may have planned it to destroy potential evidence.