Miles Guo Arrested For Orchestrating Over $1 Billion Dollar Fraud Conspiracy (Trial set for April '24)

DOJ Filing: Steve Bannon Is a “Co-Conspirator” in a $1 Billion Fraud Case​

Prosecutors identified the former Trump adviser as part of a massive criminal conspiracy allegedly orchestrated by Chinese tycoon Guo Wengui.​

The federal filing does not elaborate on Bannon’s alleged role in the conspiracy. Former federal prosecutors said that the government’s reference to Bannon as a co-conspirator is likely aimed at ensuring evidence related to the former Trump adviser can be admitted during trial. Out of court statements that would otherwise be barred as hearsay can be used as evidence if they come from an alleged co-conspirator, even if that person is not charged, these lawyers explained.

The Justice Department probably identified Bannon as part of the alleged criminal scheme to ensure prosecutors can use evidence linked to him against Guo, said Joshua Naftalis, a former assistant United States attorney in the Southern District. “Being labeled a co-conspirator is not something anyone is looking for obviously, but it’s tough to say if Southern District will bring charges” against Bannon, Naftalis, said. “It is unlikely they will do it before the main trial.”

Exiled Chinese billionaire Guo Wengui found guilty on federal fraud charges​

Guo Wengui, the exiled Chinese billionaire, was convicted in a US federal court on Tuesday for defrauding thousands of his followers of more than $1 billion.

Guilty of nine out of 12 counts involving racketeering conspiracy and securities fraud, wire fraud and money laundering, Guo, who is also known as Miles Guo, “faces decades in prison” when the judge hands down a sentence on November 19, according to the prosecutor.

Guo is a close ally to former President Donald Trump’s adviser Steve Bannon, who reported to federal prison earlier this month to serve a four-month sentence for defying a congressional subpoena.

During closing arguments, prosecutor Ryan Finkel told the jury that Bannon was paid $1 million by Guo because Guo wanted to “use Bannon’s notoriety and his fame to promote himself.”

Prosecutors said Guo used money raised from victims as his “personal piggy bank” to maintain his luxurious lifestyle in the United States, after governments of China and Hong Kong seized his assets for money laundering investigations in 2017.

Hans Blaster said:

Then there is this previously mentioned group:
"The New Federal State of China (NFSC) is a political movement or lobby group created by Guo Wengui and Steve Bannon,"

New Federal State of China - Wikipedia

Which as noted was a sponsor of CPAC, but also is all over the indictment.

Click to expand...

Worst personal bankruptcy ever — the yearslong ordeal that happens when a billionaire says he's worth $3,850​

the ongoing Chapter 11 liquidation nightmare playing out as Guo sits in jail, awaiting sentencing on a billion-dollar fraud conspiracy.

Using social media and Mandarin-language music videos aimed at the international Chinese diaspora, Guo spent the next five years tricking thousands of adherents into pouring $1.3 billion into fraudulent investment and cryptocurrency schemes — all in the context of helping him overthrow the Chinese government.

[After moving his yacht out of US waters, he was hit with millions in court fines, and then declared bankruptcy.]

It took a Connecticut bankruptcy judge just four months to order that a trustee manage the Chapter 11 case she called "unusual, complicated, and often contentious."

At one early bankruptcy hearing, an attorney for the LLC behind the Gilded Age mansion argued it was the US headquarters of the New Federal State of China, of which Guo was president-in-waiting. Guo no more owns the 21-bedroom estate than President Biden owns the White House, the lawyer argued.

When a Delaware woman filed a $5,000 bankruptcy claim, Guo called her a "gangster" and a Communist spy on the social media platform Gettr. Six days later, a Guo supporter posted her ID on Gettr, showing her photo and home address.

The biggest delay is ongoing.

In one of his last acts of mischief before his arrest, Guo urged his followers to fill the bankruptcy docket with what the trustee, in a recent court filing, called "non-meritorious" debt claims designed "to introduce chaos into the claims process."

[The end goal seems to be to eat up the estate in lawyers' fees, and he's doing a pretty good job of it.]

On January 21, the trustee filed the bankruptcy's most recent balance sheet listing total receipts of $156 million, the amount recovered during four years of litigation and asset sales.

Disbursements from the estate total $77 million, including $70 million on court-approved legal and professional fees.

The bankruptcy remains in asset-recovery mode; no creditor has yet received compensation.