Chinese tycoon with close ties to key Trump aide arrested in $1 billion fraud

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New York authorities arrested a Chinese tycoon who had close relations with Steve Bannon, a special adviser on governance and strategy to Donald Trump, as he was accused of scam 1 billion dollars.

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As stated by morningstar.comto Ho Wan Kok they have charged with 12 charges which include money laundering, surveillance and security disruption. According to the indictment, the tycoon set up a network under the guise of criticizing the Chinese government and developing new technologies.

Of the money he raised to achieve his goals, he used a huge amount (estimated to be more than half the money) to increase his personal wealth.

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So, it is accused that with the money he received he bought a villa of almost 5,000 square meters, a Ferrari worth 3.5 million dollars, while he also paid 37 million dollars for a luxury yacht.

The federal prosecutors in New York characterized him as “serial cheater“, with his action starting in 2015, when he self-exiled from China. At the time, he created various NGOs in the US and collected money, with the aim of “more criticism of the Chinese regime”

However, in 2018, his action seems to be getting bigger, especially since he is raising money from donations to create GTV Media Group Inc., a media company he co-founded with Bannon in 2020, which they described as a platform that combines citizen journalism , block-chain technology and artificial intelligence.

Source: News Beast

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