Guo Wengui, a billionaire from China, has been indicted by US authorities for wire fraud, bank fraud, securities fraud and money laundering. The total, authorities say, is over one billion dollars.

Most of this, prosecutors say, came from bilking his online followers.

Among other things, Wengui bought a $37 million yacht, a 50k square foot mansion and a Ferrari.

He was arrested early in the morning after authorities visited his 5th Avenue NYC apartment. A few hours later, a fire broke out in the same building. Authorities are investigating to see if Wengui might have planned the fire, and if any crucial documents perished.

He has some connections with the Trump world, including a friendship with Steven Bannon. In fact, Bannon was arrested while he was on Wengui’s yacht.

However, some observers wonder if there’s any payback involved. Wengui had been critical of the Chinese government, saying they had a massive amount of cash in overseas bank accounts.

Through a nonprofit organization, Wengui is accused of getting his many followers to invest in non existent entities.

Reports note that he left China in a hurry, perhaps due to fear of investigation, which is why he made his base New York City.

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