Chinese billionaire and political activist Guo Wengui, also known as Ho Wan Kwok and Miles Guo, has been arrested and charged with defrauding investors out of more than $1 billion.
He is accused of leading a conspiracy involving multiple investment schemes, for which he diverted funds for personal enrichment, leading to the purchase of a $37 million yacht, a New Jersey mansion, and a Bugatti sports car among others.
The sources differ slightly in their characterisation of the allegations and emphasise different details.
The US Department of Justice has indicted Chinese tycoon Ho Wan Kwok, also known as Miles Guo, for his leading role in a $1bn fraud conspiracy, which targeted and defrauded thousands of investors.
The fraud was perpetrated through various investment ventures such as the GTV media group, the Himalaya Farm Alliance, and Himalaya Coin.
The funds were then diverted to purchase an array of luxury assets with Guo accused of using the stolen funds to maintain a $37m yacht and a $3.5m Ferrari for his son.
There are reportedly close links between Guo, former US President Donald Trump, and Trump's adviser Steve Bannon.
The sources vary slightly as to how they describe the charges, the indictment and the assets that were allegedly bought with the stolen funds.