Chinese Billionaire Guo Wengui Arrested for Fraud in U.S.

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By Rick Yi/Sally Jensen

Chinese billionaire businessman Guo Wengui has been arrested in the United States on charges of fraud. The U.S. justice department says Guo, known often by his English name, Miles Kwok, and his financier William Je scammed thousands of his online followers out of more than US$1 billion.