Guo Wengui, a Chinese businessman with ties to former Trump White House adviser Stephen K. Bannon, was arrested Wednesday as federal prosecutors unsealed a 12-count indictment alleging he defrauded his online followers out of more than $1 billion.

Prosecutors allege that Guo - formally charged as Ho Wan Kwok and known as "Miles Guo" - spent some of the money on a mansion, a $3.5 million Ferrari and a $37 million yacht.