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The US Department of Justice (DOJ) has charged exiled Chinese businessman Guo Wengui, with fraud, including the alleged misappropriation of $1.5 billion from a Chinese state-owned bank for personal gain. The charges, filed on March 13th, also implicate Steve Bannon, who is accused of conspiring with Guo to launder the stolen funds through a network of shell companies.

Bannon, a former senior adviser to President Donald Trump, was arrested in August 2020 for fraud related to a fundraising campaign for a private border wall. The case against Guo and Bannon is part of a broader effort by the US government to crack down on financial crimes and corruption in China. If convicted, Guo and Bannon could each face up to 20 years in prison.

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Primary Source: Reuters

Factual Confidence: 100% Verified (Multiple Sources, Official Statement)

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