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.
Primary Source: Reuters
Factual Confidence: 100% Verified (Multiple Sources, Official Statement)