NEW YORK — (NEW YORK) -- Guo Wengui, an exiled Chinese billionaire with business ties to Steve Bannon, faces federal fraud charges out of New York, as authorities investigate a fire that broke out at his apartment hours following his arrest on Wednesday.
Guo and Bannon have been under investigation in connection with GTV Media Group, which the Securities and Exchange Commission previously accused of violating securities laws.
Guo retained defense attorneys Josh Klein and Guy Petrillo though was represented at his arraignment by a federal defender, who entered a not guilty plea on his behalf. "Since in or about April 2020, Guo has conducted fraudulent securities offerings that have collectively raised at least hundreds of millions of dollars from investors in the United States and around the world. Unbeknownst to those investors, Guo and his financial adviser, Je, misappropriated a large portion of the funds raised from certain of the Subject Offerings in order to enrich themselves and their family members," the SEC complaint said.
Guo was arrested at 6 a.m. at his $32 million apartment in the building. Agents were forced to evacuate when the fire broke out six hours later.
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