Guo Wengui, 52, is accused of cheating his social media followers since 2018 by taking their money and promising ‘outsized; investment returns|@KwokMilaes|via Twitter

Exiled Chinese businessman Guo Wengui was indicted yesterday in the US for defrauding his social media followers out of more than $1 billion.

Prosecutors claim Guo, 52—who has ties with Donald Trump’s former political strategist Steve Bannon—has been cheating his followers since 2018 by taking their money and promising “outsized” investment returns. He instead used it to fund his lavish lifestyle.

The alleged purchases include a $37 million yacht, a 50,000 square foot mansion in New Jersey, a $3.5 million Ferrari for his son, and much more. Guo also diverted $100 million of investor funds to GTV Media Group, his son’s company.