Here’s what we know about Guo and his outlandish “not-your-typical” billionaire lifestyle …

Why is Guo Wengui such a controversial billionaire?

The controversial billionaire, once one of China’s richest men, has positioned himself as an activist trying “to expose the leviathan Chinese mafia state”.

An ally of Steve Bannon and other pro-Trump Republicans, Guo has also variously portrayed himself as a rapper, online influencer, crypto guru and real estate mogul.

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The mystery around the billionaire deepened this week after US authorities charged the property tycoon with orchestrating a billion-dollar fraud. Much of his background is still shrouded in secrecy and Guo’s exact goals and loyalties are the subject of speculation and conspiracy theories.

He had a humble upbringing

Guo grew up in a village in Xicaoying in the Chinese province of Shandong. He was born into an impoverished family of eight in the mining town in Jilin Province.

“Sometimes we didn’t even have firewood,” Guo told The New York Times. “So we burned the wet twigs from the mountains – the smoke was so thick”. He then moved to Shandong province, where according to The New Yorker, he spent time in prison before launching his business career in Zhangzhou, Henan. He met his wife and married her when he was only 15 and she was 14, The New York Times reports.

Guo made his fortune in China’s property market before fleeing the country

In Zhengzhou, Guo founded the Zhengzhou Yuda Property Company and built the city’s tallest building, the Yuda International Trade Centre.

His signature project, however, was the Pangu Plaza near Beijing’s Bird’s Nest stadium. But Guo claims he fell foul of powerful and corrupt officials, and fled the country in 2014, claiming asylum in the US in 2017.

Guo has himself been accused of corruption and fraud by Chinese authorities, charges he denies.

Guo was once one of the wealthiest men in China

Guo is believed to have been the 73rd richest person in China at one time. In 2015, Forbes estimated his fortune to be US$1.1 billion, saying Guo’s wealth was linked to his property investments, and his control of a business that owned a stake in China’s Founder Securities.

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However he had a huge number of assets seized in Hong Kong in 2018. Guo filed for bankruptcy in February 2022. He estimated that his assets had dropped to between US$50,000 and US$100,000.

He owns a lavish flat in New York

Guo’s New York flat is a 9,000 sq ft US$82 million penthouse overlooking Central Park.

The palatial apartment has played host to various journalists and political influencers. It boasts six bedrooms and seven bathrooms, as well as a large terrace that wraps around the building.

According to the New York Post, the FBI is looking into whether the blaze may have been started remotely to destroy evidence.

He has political ties in the US

As a result, Guo’s alliance with Steve Bannon propelled him into elite Republican circles. Bannon has long railed against the Chinese government, and in 2020 the pair formed the New Federal State of China, an organisation aimed at toppling China’s Communist rulers.

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No one is quite sure about Guo Wengui’s real identity

Guo uses several names including Miles Guo, Miles Kwok and “Brother Seven”.

According to The New York Times, Guo also sometimes goes by the name Guo Haoyun. He was named in the indictment unsealed last week as Ho Wan Kwok.

Many of the property tycoon’s biographical details also remain hazy.

China sought Guo’s arrest, reportedly using casino magnate Steve Wynn as a go-between

In 2017, China issued an Interpol notice for Guo’s arrest on fraud charges.

China also launched an extensive online propaganda campaign against Guo, according to the BBC.

It was on Guo’s yacht in 2020 that Bannon was arrested on unrelated fraud charges

Bannon was on board the 152ft, US$27 million, yacht off the coast of Connecticut when arrested by federal agents, Forbes reported. Bannon was accused of involvement in a US$25 million scheme to defraud investors regarding the border wall, and was pardoned by Trump before he left office.

Bannon is not named in the new fraud case against Guo.

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Guo has found himself embroiled in a series of lawsuits and controversies

Guo’s mysterious background and vast wealth have attracted speculation and conspiracy theories.

Guo has claimed that some Chinese dissidents living in the West are working for China, leading to their homes being picketed. This has drawn accusations that Guo is in fact a Chinese agent seeking to discredit them. He strongly denies the claims.

His financial affairs have also drawn the attention of prosecutors.

In 2021, Guo’s GTV Media Group agreed to pay US$539m to the Securities and Exchange Commission amid allegations it misled investors as part of a cryptocurrency scheme. The company did not admit wrongdoing in the case.

Guo last year filed for bankruptcy protections and put his Manhattan apartment up for sale, Bloomberg reported.

Guo now stands accused of defrauding supporters out of billions as part of a complex fraud scheme

Guo, along with an associate named William Je, is accused of wire fraud, securities fraud, bank fraud and money laundering.

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Prosecutors say the pair raised more than US$1 billion from thousands of followers who thought they were investing in a media venture, an exclusive members club, and cryptocurrency. In a statement to the BBC, one of Guo’s non-profits called the allegations “fabricated and unwarranted” and accused the US justice system of being controlled by the Chinese Communist Party.

With Guo’s story likened to a spy thriller, it seems unlikely that this will be the final twist.