Prosecutors said Guo Wengui allegedly lied to thousands of online followers before misappropriating hundreds of millions of dollars.
FILE-Fugitive Chinese billionaire Guo Wengui holds a news conference on November 20, 2018 in 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.
Kin Ming Je, 55, has not been arrested. Guo was expected to appear in court Wednesday. His attorney did not immediately comment. Guo has long argued that the allegations against him in China were false, saying they were intended to punish him for publicly outing corruption there and criticizing leading figures in the Communist Party.
U.S. prosecutors accuse Guo of lying to his victims, promising them outsized returns if they invested or fed money to his media company, GTV Media Group Inc., his so-called Himalaya Farm Alliance, G'CLUBS, and the Himalaya Exchange.
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