One of Steve Bannon's key political allies has been hit with a massive fine for violating multiple court orders.
"The financier famed for bankrolling some of Steve Bannon’s best-known ventures, as well as the far-right strategist’s jet-setting lifestyle, is in deep trouble for steering a $28 million yacht—the same boat where federal agents arrested Bannon in 2020—out of American waters," The Daily Beast reported.
"A New York judge slapped Guo Wengui, who also uses the aliases Kwok Ho Wan and Miles Guo, with $134 million in contempt of court fines on Wednesday for violating multiple restraining orders barring him from selling or relocating the boat or any other property he controls."
The $134 million number was arrived at by adding up a daily forfeiture fine of $500,000.
"Court documents filed in late January showed the 151-foot-long pleasure vessel blithely plying the western Mediterranean. Now, Guo has only until Monday to come up with the funds," The Beast reported. "Nearly five years ago, an affiliate of the Hong Kong-based investment firm Pacific Alliance Group brought suit against Guo, alleging his companies had failed to repay tens of millions of dollars in loans made between 2008 and 2009 or deliver on promised property transactions. The opulent boat has emerged as a key asset in that fight over the allegedly unpaid tab."
The Beast noted that in 2021, Guo's companies "agreed to pay $500 million in Security and Exchange Commission fines for running a cryptocurrency scheme in violation of federal regulations."
Read the full report.
