A new report in Mother Jones cites sources that claim Steve Bannon is being investigated for playing a role behind the scenes advising his longtime associate Ho Wan Kwok, also known as Miles Guo, on his allegedly fraudulent schemes. Guo was arrested after being charged with 12 counts of fraud, financial crimes, and obstruction of justice by the Southern District of New York for his role overseeing a wide-ranging conspiracy of fraudulent ventures totalling over $1 billion.

Steve Bannon publicly promoted these allegedly fraudulent schemes on multiple occasions. In one instance, Bannon endorsed a cryptocoin called H Coin and its associated exchange, calling their launch “monumental” and part of the “institutionalization of the counteroffensive to the Chinese Communist Party.” 

According to the indictment, Guo and others “fraudulently obtained more than approximately $262 million in victim funds through the Himalaya Exchange.”

Mother Jones quotes sources who had been contacted by FBI and SEC agents and “asked for details on Bannon’s role advising Guo on soliciting investment funds in 2020.” Sources also say Bannon “privately advised” Guo and his alleged co-conspirator on GTV and so-called “G|Clubs.” The SDNY release describes how Guo “touted” GTV  as a “wide-ranging media company,” and made “false representations regarding how the money raised” from investors “would be used.” Investors were told that the “G|Clubs” would “provide participants with the opportunity to buy discounted stock in other Guo ventures.” Guo and his co-conspirator Kin Ming Je “misappropriated hundreds of millions of dollars in fraudulently obtained funds,” according to the SDNY.

According to Mother Jones:

In 2020, Bannon was arrested by postal service agents for his own separate fraudulent scheme on Guo’s yacht, which, according to the SDNY, itself was financed through Guo’s alleged fraud.