Vad vill Steve Bannon politiskt? Kommer han vara framgångsrik i det han vill?

A media company linked to former Trump political adviser Steve Bannon and exiled Chinese businessman Guo Wengui raised more than $300 million in a private offering this spring that is now being investigated by federal and state authorities, say people familiar with the matter.

The document identifies Mr. Bannon as a company director, while Mr. Guo served as the public face for its fundraising. Associates of Mr. Guo are listed as GTV Media executives, while Mr. Guo is described as a company adviser.

Messrs. Guo and Bannon joined forces in the last few years as tough critics of China's Communist Party, and recently have been spending significant time together on Mr. Guo's yacht, according to videos posted on a website affiliated with Mr. Guo. Mr. Guo faces accusations of wrongdoing in China including bribery, fraud and money laundering -- allegations he has denied.

The company told potential investors it would be a platform for news, social media and e-commerce, with competitors including Amazon.com Inc., Tencent Holdings Ltd.'s WeChat and ByteDance Ltd.'s TikTok. A fundraising memo for potential investors this spring didn't include a detailed business plan for GTV Media. It stated a pre-investment valuation of $1.8 billion.

. The FBI previously viewed Mr. Guo as a potential agency informant and tried unsuccessfully to cultivate him as one around 2017, say people familiar with the matter.

Some have openly questioned Mr. Guo's loyalty to the U.S. In 2018, a company affiliated with Mr. Guo hired Virginia-based research firm Strategic Vision to investigate individuals Mr. Guo said were tied to top Chinese Communist Party officials, according to court filings.

The Justice Department said Mr. Kolfage used some of the money to buy a boat, “Warfighter,” which he sailed in a boat parade held in President Trump’s honor on July 4 in Destin, Fla. According to the government, Mr. Bannon pocketed about $1 million.

When he emerged from the courthouse, Bannon tore off his mask, smiled and waved to news cameras. As he went to a waiting vehicle, he shouted, "This entire fiasco is to stop people who want to build the wall."

Kolfage did not respond to requests for comment. Also charged were Andrew Badolato and Timothy Shea, the owner of an energy drink company called Winning Energy. The company's cans feature a cartoon superhero image of Trump and claim to contain "12 oz. of liberal tears." Shea appeared at a brief virtual hearing in Denver.

Other prominent members of the wall group included former Kansas Secretary of State Kris Kobach, its general counsel; Erik Prince, founder of the controversial security firm Blackwater; former Republican Rep. Tom Tancredo of Colorado; and former major league baseball pitcher Curt Schilling. They were not named in the indictment.