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WEKU
WEKU
Politics
The Associated Press

U.S. arrests a Chinese business tycoon in a $1 billion fraud conspiracy

Guo Wengui Steve Bannon United States Donald Trump Kin Ming Je China Damian Williams New York SEC
A Twitter page of Chinese exiled businessman Guo Wengui is seen on a computer screen in Beijing on Aug. 30, 2017. The self-exiled Chinese businessman was arrested Wednesday in New York on charges that he oversaw a billion-dollar fraud conspiracy. (Andy Wong/AP)

NEW YORK — A business tycoon long sought by the government of China and known for cultivating ties to Trump administration figures including Steve Bannon was arrested Wednesday in New York on charges that he oversaw a $1 billion fraud conspiracy.

Guo Wengui, 54, and his financier, Kin Ming Je, faced an indictment in federal court in Manhattan charging them with various crimes, including wire, securities and bank fraud. Guo was charged in court papers under the name Ho Wan Kwok.

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