BURBANK, Calif.—One of China’s most-wanted men has been running a Hollywood movie company, promoting a cryptocurrency venture with boxer Mike Tyson and on one occasion posed for a photo alongside President Trump.

Shi Jianxiang is a fugitive from Chinese authorities, who say he committed fraud and caused billions of dollars to vanish. But in the U.S. the 54-year-old lives under the name Morgan Shi in a 6,500-square-foot, $3 million mansion outside Los Angeles, rides around the city in a luxury “talent-trailer” mobile home and...