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US attorney says Kwok, known to many as Miles Guo, used stolen money to buy a $3.5m Ferrari and finance a $37m luxury yacht
Ho Wan Kwok, a Chinese tycoon with close links to prominent Trumpist Republicans including Steve Bannon, has been indicted on 12 counts relating to an alleged $1bn fraud.
The charges announced by the US attorney for the southern district of New York on Wednesday include wire fraud, securities fraud, bank fraud and money laundering.
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