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Chinese businessman arrested in $1 billion fraud conspiracy

A Twitter page of Chinese exiled businessman Guo Wengui is seen on a computer screen in Beijing, Aug. 30, 2017. [AP Photo]

A business tycoon long sought by the government of China and known for cultivating ties to Trump administration figures including Steve Bannon was arrested Wednesday in New York on charges that he oversaw a $1 billion fraud conspiracy.

Guo Wengui, 54, and his financier, Kin Ming Je, faced an indictment in federal court in Manhattan charging them with various crimes, including wire, securities and bank fraud. Guo was charged first in court papers under the name Ho Wan Kwok.

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