Federal prosecutors in Manhattan have charged exiled Chinese businessman Guo Wengui with duping investors out of hundreds of millions of dollars to bankroll the purchase of a sprawling mansion, a 145-foot luxury yacht and other lavish items.
Mr. Guo, also known as Kwok Ho Wan, was arrested Wednesday morning in New York and is charged with 11 counts of fraud and money laundering, according to an indictment unsealed Wednesday in New York federal court. Prosecutors said he orchestrated a $1 billion scheme that preyed on hundreds of thousands of his online followers to purchase stock in his media company, fund a farm loan program and join a luxury-services club.
Source: Guo Wengui Charged in Alleged $1 Billion Fraud Conspiracy – WSJ
