Guo Wengui

After being arrested for fraud, Guo Wengui's $32 million penthouse went up in fire on Wednesday. The complete 18th floor was occupied by the 15-room penthouse. The penthouse was perched on top of the Sherry Netherland hotel, and Guo could profit from the hotel's amenities, 24-hour doormen and elevator attendants, regular housekeeping, evening turndown, valet parking, and a beauty salon. Sotheby's, the estate's vendors, characterized it as a "rare opportunity to purchase a chic and unique home in one of New York's finest Pre-War cooperatives.' Diana Ross, Francis Ford Coppola, and David Bowie were among the building's previous residents.

A fire at an historic Manhattan hotel erupted just hours after an exiled Chinese billionaire who lived in the building was arrested on suspicion of masterminding a $1 billion scam. On Wednesday morning, Guo Wengui, who has broken links to right-wing firebrand Steve Bannon, was arrested in the Sherry-Netherland Hotel in the Upper East Side's $32 million apartment. The fire broke out just a few hours later, and the FBI is now probing whether it is connected to Guo's detention. The two-alarm fire raged for several hours before being put out, and FDNY crews are now doing safety inspections. Guo is set to appear in court on 12 charges relating to the massive fraud this afternoon. Prosecutors say he defrauded his community of online followers through sham investments before splashing the money on a mansion and other extravagant items. The business magnate, who also uses aliases such as Ho Wan Kwok, invested the money on a 50,000-square-foot mansion in New Jersey, a Lamborghini supercar and luxury yacht worth about $37 million.

The FBI has arrested an exiled Chinese billionaire with ties to Steve Bannon in New York for reportedly planning a $1 billion bribery and then splashed the money on a yacht, mansion, and other luxuries. On Wednesday morning, Guo Wengui was arrested by agents for an elaborate scheme to defraude his legion of online followers by sham investments. The business magnate, who also uses a number of aliases, spent the money on a 50,000-square-foot mansion in New Jersey, a Lamborghini supercar and luxurious yacht worth $37 million. He also invested in Chinese and Persian rugs worth nearly $978,000, a $62,000 television, and a $53,000 fireplace log cradle holder. On Wednesday, prosecutors revealed information about the elaborate scam as well as extraordinary details about the luxuries picked up by Guo. Guo was charged with Guo alongside financial advisor William Je, a Hong Kong and United Kingdom dual citizen who served as the fraud's principal financial officer and key money launderer.'