In a poor family in Shandong Province, Guo Wengui was born in 1970, according to a character published by the New Yorker (The New Yorker). He served in prison and later began real estate development, becoming one of the richest people in China. By his own admission, he has established relations with Chinese intelligence services.

Mr.Guo later said his wealth and connections gave him the inside story. But it was these relationships that led critics accuse him of —— including in American courts that —— was a double agent working for the Chinese government.

In March 2023, when the US authorities accused Guo of planning a billion-dollar fraud, Guos network collapsed. According to the indictment, 5,500 investors claim to have invested $452 million in GTV, which is worth $2 billion. But in practice, the company is reportedly a new company with no revenue. The money raised by Guo was spent on luxury goods and services, including $2.3 million for maintaining the luxury yacht. Potential signs of the incident date back to August 2020. At the time, Bannon was arrested on a yacht owned by Guo, accused of defrauding donors to a nonprofit company working to build a wall along the US-Mexico border. Bannon has pleaded not guilty. As Guo and Bannon consolidated their partnership in the New China Federation program, U. S. authorities have begun investigating their business activities. That led Guos company to face charges of misleading investors, forcing him to pay $539 million to settle a lawsuit by the Securities and Exchange Commission, the SEC).

Guo Wengui and Bannon in 2018

Bannon also did not respond to information seeking comment in March 2023. More than a year later, Bannon was also charged with money-laundering and conspiracy. In July 2024, he began serving four months for contempt for congressional crimes.