The U.S. government on Wednesday charged exiled Chinese businessman Guo Wengui with fraud, accusing him of leading a complex conspiracy to defraud his online followers out of more than $1 billion.
The U.S. Department of Justice said Guo and his financial adviser Kin Ming Je conducted a series of offerings targeting investors who were aligned with Guo's policy objectives in China and inclined to believe the self-proclaimed billionaire's statements about investing.
Authorities said Guo diverted some money he raised to enrich himself and his family, including to buy a $37 million yacht, a $3.5 million Ferrari for his son, and two $36,000 mattresses. The Justice Department also said it has seized $634 million of alleged fraud proceeds and some assets purchased with alleged fraudulent proceeds, including a Lamborghini Aventador.
A lawyer for Guo did not immediately respond to a request for comment. Je is at large. Guo was arrested on Wednesday morning in New York.
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