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Bannon Released on $5 Million Bail After Pleading Not Guilty in Border Wall Scheme
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August 20, 2020
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1:06Now PlayingPresident Donald Trump’s former chief strategist, Steve Bannon, was pulled from a luxury yacht and arrested Thursday on allegations that he and three associates ripped off donors trying to fund a southern border wall.
He's the latest in a long list of Trump allies to be charged with a crime.
The organizers of the “We Build The Wall” group portrayed themselves as eager to help the president build a “big beautiful” barrier along the U.S.-Mexico border, as he had promised during the 2016 campaign.
They raised more than $25 million from thousands of donors and pledged that 100% of the money would be used for the project.
But according to the criminal charges unsealed Thursday, much of the money never made it to the wall.
Instead, it was used to line the pockets of group members, including Bannon, who served in Trump's White House and worked for his campaign.
He allegedly took over $1 million, using some to secretly pay co-defendant Brian Kolfage, the founder of the project, and to cover hundreds of thousands of dollars in personal expenses.
Hours after his arrest, Bannon pleaded not guilty during an appearance in a Manhattan federal court.
He is the latest addition to a startlingly long list of Trump associates who have been prosecuted, including his former campaign chair, Paul Manafort, whom Bannon replaced, his longtime lawyer, Michael Cohen, and his former national security adviser, Michael Flynn.
Trump has also made clear that he is willing to use his near-limitless pardon power to help political allies escape legal jeopardy, most recently commuting the sentence of longtime political adviser Roger Stone.
Bannon was taken into custody around 7 a.m. by the U.S. Postal Inspection Service on a 150-foot (45-meter) luxury yacht called Lady May, which was off the coast of Connecticut, authorities said.
The boat is owned by exiled Chinese billionaire Guo Wengui and currently for sale for nearly $28 million. According to Marine Traffic, a commercial tracking service, the vessel's transponder signal went dark on June 17, shortly after it departed a port in Connecticut en route to Miami, potentially indicating its beacon was inoperable or had been turned off.
At his hearing later Thursday, Bannon appeared with his hands cuffed in front of him and a white mask covering most of his face.
He rocked back and forth on a chair in a holding cell where he appeared via video with his lawyers on the telephone.
The magistrate judge approved Bannon’s release on $5 million bail, secured by $1.75 million in assets.
Neither Bannon, nor his spokesperson or attorney responded to requests for comment Thursday.
After the arrest, Trump quickly distanced himself from Bannon and the project.
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