Brendan McDermid/Reuters
- A Chinese tycoon was arrested and charged with defrauding his online followers out of over $1 billion.
- Feds say Guo Wengui used stolen money to buy a $3.5 million Ferrari and two $36,000 mattresses.
- Wengui is an ally of Steve Bannon.
Exiled Chinese tycoon Guo Wengui, an ally of Steve Bannon, has been arrested and charged with defrauding his online followers out of over $1 billion and using the money to fund his extravagant lifestyle.
Wengui is facing various fraud and money laundering charges, the US Attorney's Office for the Southern District of New York announced on Wednesday.