Billionaire businessman Stephen Cloobeck has been arrested for a felony charge of attempting to prevent or dissuade a victim or witness from reporting a crime … TMZ has learned.

Cloobeck was handcuffed and taken into custody by Los Angeles County sheriff’s deputies in West Hollywood late Tuesday morning … though he was released a few hours later after making a $300,000 bond.

Cloobeck is the CEO of Diamond Resorts International and a prominent Democratic donor who pulled his support for disgraced and now-retired Congressman Eric Swalwell‘s now-suspended campaign for California Governor. The pair are — or at least, were — longtime friends … until Swalwell was accused of sexual assault by several women earlier this year.

Cloobeck publicly cut ties with Swalwell and even kicked him out of his California mansion after the sexual misconduct allegations … and also wants the over $1 million he spent supporting Swalwell back.