An exiled Chinese businessman patron of Steve Bannon who claimed to be a billionaire has declared himself bankrupt with assets of between ...
An exiled Chinese businessman patron of Steve Bannon who claimed to be a billionaire has declared himself bankrupt with assets of between just $50,001 and $100,000.
Guo Wengui filed for bankruptcy protection at a court in Bridgeport, Connecticut, earlier this week, and says he has run up debts of between $100m and $500m.
Wengui, a financier who backed conservative social media app Getter, now faces creditors including the Pacific Alliance Asia Opportunity Fund. The fund says he owes them $254 million.
Guo was previously sued by the firm for unpaid loans totaling $88 million he is said to have taken out between 2008 and 2011.
His perilous finances stand in marked contrasts to Wengui's prior boasts about his vast wealth.
Guo Wengui is pictured, left, with Steve Bannon, right. He bankrolled the Trump 2016 svengali, but has now sought bankruptcy protection, despite previously claiming to have been a billionaire
In 2015, he bought a $67.5 million apartment in the Sherry Netherland Residence Building - a famed co-op which sits on the so-called 'Billionaires Row' of Fifth Avenue and Central Park in New York. But the businessman listed it for sale just months later.
Wengui also owned a huge superyacht, the Lady May, which he bought for $28 million in 2015, and was a member of Donald Trump's Mar-a-Lago country club in West Palm Beach, Florida.
The disgraced businessman has also been accused of trying to move the vessel out of US waters to shield it from debt collectors.
Earlier this month, a New York judge ordered him to pay $134 million in fines for his attempt to move the luxurious vessel.
Both the penthouse and yacht were missing from Wengui's list of assets in the Connecticut bankruptcy application.
Wengui bought a $67.5m penthouse in Manhattan's prestigious Sherry Netherland Residence, pictured
Despite paying an eight-figure sum for the property Wengui, pictured on its balcony, now claims to have just $100,000 to his name
Wengui also owned a $28.5 million yacht, the Lady May, which he has been accused of moving out of US waters in a bid to stop his creditors seizing it
Bannon and Weingui launched a series of attempts to overthrow the Chinese government, including banners being flown over the Statue of Liberty
In September, the U.S. Securities and Exchange Commission fined three media companies, affiliated with Guo, $539 million on charges of illegally selling stock and digital assets to investors.
In 2018, Wengui also linked up with Bannon, the svengali widely-credited with Donald Trump's 2016 presidential election win.
The pair vowed to overthrow China's communist government. They mounted a stunt which saw a plane carrying an anti-CCP banner flown over the Statue of Liberty.
Wengui also shed his own blood on a document vowing to overthrow Chinese President Xi Jinping's party.
No comments