Additional Coverage:
- Steve Bannon’s Sidekick Guo Convicted in Billion-Dollar Fraud (newsbreak.com)
Exiled Chinese billionaire Guo Wengui was convicted on Tuesday in a trial for defrauding investors through a massive scam. Guo, who had previously allied with former Donald Trump advisor Steve Bannon, enticed investors with his proclaimed mission to overthrow the Chinese Communist Party. This initiative notably included his announcement of establishing a “New Federal State of China.”
However, rather than advancing this cause, the funds from investors were funneled into various ventures such as cryptocurrencies and club memberships. These funds also maintained extravagant lifestyles, involving luxury homes and cars, and, according to prosecutors, also supported numerous organizations set up by Guo and Bannon.
After breaking with the Chinese government in 2015, Guo resettled in New York, expanding his network of influential political connections. By the time Trump was inaugurated in 2017, Guo had joined Mar-a-Lago and later sought political asylum in the U.S., accusing high-ranking Chinese officials of corruption.
During the trial, assistant U.S. attorney Juliane Murray questioned the authenticity of Guo’s activism, expressing indifference to his political motives. In a related case in 2020, Bannon was apprehended on Guo’s multimillion-dollar yacht for allegedly scamming donors in his “We Build the Wall” campaign, although he was later pardoned by Trump at the end of his presidency. Bannon still faces state charges in New York and recently started a four-month sentence for contempt of Congress.
Following Guo’s arrest in March of the previous year, further details emerged about his fraudulent financial operations and his media ventures with Bannon, which portrayed them as anti-communist crusaders while spreading false information, including about the COVID-19 pandemic.
Other political figures, such as George Santos, Donald Trump Jr., and former White House trade advisor Peter Navarro, have also been mentioned in court documents related to Guo’s case.
Guo’s sentencing is scheduled for November 19, although it is uncertain if he will face imprisonment or extradition to China, with reports suggesting the latter as a distant possibility.
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- Steve Bannon’s Sidekick Guo Convicted in Billion-Dollar Fraud (newsbreak.com)