US arrests Chinese president for embezzlement: $1 billion used for luxury yacht and Bugatti | Abroad

US arrests Chinese president for embezzlement: $1 billion used for luxury yacht and Bugatti |  Abroad

The US Attorney’s Office arrested Chinese businessman Guo Wengui in New York on Wednesday. He is suspected of using the billions of dollars collected from his social media followers to pay for his luxury yacht, customized Bugatti sports car and lavish home instead of investing in his media company.

Guo is also known as Miles Guo, Miles Kwok and ‘Brother Seven’. He came to the United States in 2017 and applied for political asylum because of persecution by the Chinese Communist Party. Guo is known in the US for his criticism of China and his collaboration with former President Donald Trump’s former strategist Steve Bannon.

Investors

According to the indictment of the US Public Prosecution Service, Guo, together with another partner, raised 1 billion dollars (950 million euros) from his online followers. They used those investors to fund his GTV Media Group and establish an exclusive club for members. However, the money would have been sent through his cryptocurrency company, Himalaya Coin.

Bugatti

The money would have been used to maintain a $37 million luxury yacht, a New Jersey mansion, and a $4.4 million custom Bugatti sports car. A total of $634 million was found in 21 bank accounts.

When Guo left China, he was said to be one of the richest people in China. He made hundreds of millions of dollars as a real estate developer. In America he established several foundations in which he criticized the Chinese government. Also, he has made headlines for spreading false rumors about the coronavirus.

Guo Wenguin’s boat. © American OM.

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