Quoting from a French news agency, the US Department of Justice announced on Wednesday the arrest of Guo Wengui in New York, saying that he and his fugitive accomplice, Jae Qinming, embezzled the money of people who participated in investment schemes. They had bought luxury personal items for themselves, including a yacht, a 4645 square meter mansion and a $3.8 million Ferrari car.
The fraud occurred when Guo Wengui fled China in 2014 after facing charges of fraud and corruption, but turned to criticism of corruption in the Chinese government. He also accused Hong Kong of laundering millions of dollars four years later.
The US Department of Justice also added that Guo used his position to attract a large following on social media and encouraged his fans to donate money to or invest in his businesses, including GTV Media Group.