Steve Bannon's Chinese billionaire associate will stand trial for fraud in 2024: report

Guo Wengui, a Chinese billionaire with ties to former President Donald Trump ally Steve Bannon, will face trial for fraud in April 2024, reported NBC News on Wednesday.

"U.S. District Judge Analisa Torres set the trial date for the criminal case during a hearing in downtown Manhattan on Tuesday," reported Chloe Atkins. "The judge also granted Guo’s request for access to a government-provided computer to review evidence."

"Guo was arrested and charged by federal authorities in March on allegations that he defrauded thousands of online followers out of over $1 billion. Guo promised his followers 'outsized financial returns,' but instead, used the money to fund his lavish lifestyle, according to prosecutors, who said the scheme took place from 2018 until March," said the report. "Prosecutors said the U.S. government seized $634 million in alleged fraud proceeds from 21 different bank accounts. Law enforcement seized assets purchased with the profits of the alleged fraud, including a Lamborghini Aventador SVJ Roads, according to prosecutors."

Bannon was on Guo's yacht when authorities arrested him in 2020 for the We Build The Wall scam, in which he and other associates solicited contributions from Trump supporters to finance a private border wall construction venture, only to dip into it for personal expenses. He has claimed that there was nothing illegal about this scheme.

Trump ultimately pardoned Bannon for that offense, but he was subsequently re-indicted on state charges in New York, on behalf of the people who live in that state whom Bannon allegedly defrauded.

Bannon was also separately convicted of contempt of Congress for stonewalling the House January 6 Committee, and is awaiting sentencing for that.

"Since his March arrest Guo has remained in jail. In hopes of obtaining bail, Cook said in a court filing that Guo would remain in the country if he was released since 'the risk to his life is simply too great for him to leave,' In court documents, Cook claimed that Guo is not a flight risk because his wife of 38 years and daughter live in the U.S.," said the report. "Even though Guo’s two passports and copies of another passport were confiscated by law enforcement officials, Torres said a 'clever defendant with sufficient resources could figure out a way to leave the country without travel documents.'"