US Charges Chinese Businessman Guo Wengui With Fraud

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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

Sources: ¹BBC News, ²Reuters, ³CNBC, ⁴Forbes, ⁵Msn and ⁶Al Jazeera.

Narratives

• Democratic narrative, as provided by Vox. From obscure and inconsistent names to wild accusations against other Chinese dissidents and now this latest scandal, there's no telling where Guo's allegiance really lies. What is clear, however, is that Bannon-comrade Guo is the latest indication that Trump's MAGA circle is surrounded by corruption.
• Pro-Trump narrative, as provided by Breitbart. If found guilty, Guo should undoubtedly bear the brunt of the US justice system, but politics should be left out of this case. Guo is connected to a range of politicians, including former British PM Tony Blair of the left-wing Labour party, and assuming guilt by a distant association is dangerous.