Guo, a staunch critic of the Chinese government who is exiled in Manhattan and close to former Donald Trump adviser Steve Bannon, was taken into custody in New York on Wednesday morning. He is charged with defrauding or misappropriating investor money using different schemes, including his media company GTV Media Group, a farm loan program through Himalaya Farm Alliance, and a cryptocurrency called Himalaya Coin. Guo is also known as Ho Wan Kwok and Miles Guo.
Prosecutors said instead of using the money the way he promised potential investors, Guo directed the funds to invest in a hedge fund to benefit GTV and a relative, to cover the maintenance payments for his $37 million, 145-foot luxury yacht, a New Jersey mansion and a custom-built Bugatti sports car valued at $4.4 million.
