The battle involves an organization Bannon inaugurated at the Statue of Liberty last year with Guo Wengui, a Chinese disinformation kingpin, and hostilities broke out even before the SEC this month charged companies linked to Guo with unregistered stock and cryptocurrency sales. But a federal probe into the dealings had been underway for months, and a key contention in a new lawsuit is that money intended to bankroll the duo’s vision of a vast anti-Beijing network instead went toward paying back irate investors in illicit transactions.
Guo has long been a key financier of Trumpworld ventures, including the conservative social media app Gettr. When federal authorities charged Bannon last August with defrauding a nonprofit, they collared him on the deck of Guo’s massive $28 million yacht. Former President Donald Trump eventually pardoned Bannon for any wrongdoing.