President Donald Trump: I don't know anything about Bannon wall project

President Trump reacts to Steve Bannon’s arrest. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Former White House chief strategist Steve Bannon was arrested Thursday after being charged with defrauding hundreds of thousands of donors through his “We Build the Wall” fundraising campaign.

Bannon pleaded not guilty during a court hearing later Thursday, and he was expected to be released, according to NBC News. Bannon is getting a $5 million bond that is secured by $1.75 million in cash or property that Bannon has to post by Sept. 3. He is not allowed to use private jets or yachts, and he must surrender his passport. His travel will be limited to Connecticut and the New York and Washington, D.C., areas.

Bannon and three associates were indicted in a federal investigation in the Southern District of New York. Prosecutors allege the four defrauded donors by raising “more than $25 million to build a wall along the southern border of the United States,” but some of that money was used for personal gain.

The United States Postal Inspection Service assisted in the investigation.

Others in the indictment are Timothy Shea, a 49-year-old from Colorado accused of owning a shell company, Brian Kolfage, a disabled Iraq war veteran, and Andrew Badolato, who according to his own website was a contributor to Breitbart News, the conservative publication Bannon used to run.

The campaign was intended to raise money to help President Donald Trump fulfill a campaign promise to build a border wall. Instead, prosecutors allege that Bannon and his team profited off the arrangement.

The indictment said the defendants “collectively received hundreds of thousands of dollars in donor funds from ‘We Build the Wall,’ which they each used in a manner inconsistent with the organization’s public representations.”

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