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, also known as Miles Kwok, was one of China's richest businesspeople, with a fortune estimated by Forbes magazine at $1.1 billion in 2015. Guo left China in 2014 during an anti-corruption crackdown led by President Xi Jinping that ensnared people close to Guo, including a top intelligence official. It was on Guo's 150-foot yacht that former Bannon, President Donald Trump's onetime chief strategist, was once arrested on federal charges. He said law enforcement on Wednesday also seized assets that were purchased with proceeds of the alleged fraud, including a Lamborghini Aventador SVJ Roadster.

Source: Forbes March 15, 2023 16:32 UTC