US President Donald Trump has pardoned former chief strategist Steve Bannon as part of a late flurry of clemency action benefiting nearly 150 people.

The pardons and commutations for 143 people, including Bannon, were announced after midnight on Wednesday in the final hours of Trump’s White House term.

A statement from the White House said: “Prosecutors pursued Mr Bannon with charges related to fraud stemming from his involvement in a political project.

“Mr Bannon has been an important leader in the conservative movement and is known for his political acumen.”

Bannon had been charged with duping thousands of investors who believed their money would be used to fulfil Mr Trump’s chief campaign promise to build a wall along the southern border.

Instead, he allegedly diverted over a million dollars, paying a salary to one campaign official and personal expenses for himself.

Mr Trump has already pardoned a slew of long-time associates and supporters, including his former campaign chairman, Paul Manafort; Charles Kushner, the father of his son-in-law; his long-time friend and adviser Roger Stone; and his former national security adviser Michael Flynn.