Chinese businessman Guo Wengui denied bail in US fraud case
Chinese businessman Guo Wengui denied bail in US fraud case
Washington [US], April 21 : Chinese billionaire Guo Wengui on Thursday (local time) was denied bail by a New York federal judge on fraud and money-laundering charges, reported The Wall Street Journal (WSJ).
The exiled businessman and vocal critic of Beijing were denied bail after being charged by the US with fraud last month. Guo left China in 2014 during an anti-corruption crackdown under President Xi Jinping.
Read More-China takes racist potshot at India when asked on India’s population
Guo, who garnered attention by accusing Beijing of corruption from his Manhattan penthouse, was arrested and charged last month with a USD 1 billion fraud scheme, reported WSJ.
Guo and his financial adviser, Kin Ming Je, are accused of scheming to cheat thousands of victims. The two allegedly used more than USD 300 million of the proceeds to benefit themselves and their families, according to the indictment.
Read More-Elon Musk threatens lawsuit against Microsoft over alleged illegal Twitter data
Guo, however, has pleaded not guilty and proposed 24-hour guard, and being subjected to detention with GPS monitoring at his wife’s Connecticut home, reported US News.
The judge called his proposed bail package insufficient, noting that he has filed for bankruptcy and that he has ‘the means and know-how to flee.’
US District Judge Analisa Torres said prosecutors had shown it more likely than not that Guo Wengui was a serious flight risk, and shown by clear and convincing evidence that he would pose a risk of economic harm to the community if released, reported US News.
Read More-US Supreme Court temporarily extends access to abortion drug
Torres also said Guo’s “obstructive behaviour” in the criminal case–including a false claim he had just USD 10,000 of assets–and in civil and bankruptcy proceedings left her with no “reasonable assurance” he would comply with any bail conditions.
Federal prosecutors in the Manhattan US attorney’s office alleged he took advantage of the hundreds of thousands of followers he amassed online by soliciting investments in a cryptocurrency he developed, a media company and other ventures.
Read More-US announces USD 325 million in new military aid for Ukraine
The Judge said Guo’s proposed bail package – which amounted to a USD 25 million bond, USD 5 million which would be secured by cash or real estate – was “insufficient,” noting he filed for bankruptcy and claimed to only have USD 10,000 in assets.
Torres said even though Guo offered his bond to be signed by two adults, including a relative, his family members have been accused of being “recipients of fraud proceeds.” Torres said Guo hadn’t identified a co-signer – with a sufficient net worth and ties to the US.
Read More-Yemen: At least 85 killed, hundreds injured in stampede
He spent some of the proceeds on lavish purchases, including a USD 26 million home in New Jersey, a yacht and a Ferrari, prosecutors allege, reported WSJ.
Guo was also a business associate of former Donald Trump adviser Steve Bannon, who was arrested in a 2020 fraud case while aboard Guo’s yacht. The former US president later pardoned Bannon.
Continuing the achievement of the journey of effectiveness and credibility of more than 10 years in the career of journalism, as a woman journalist, I am Serving as the founder, promoter and editor of DiaryTimes with the trust and support of all. My credible coverage may not have given a big shape to the numbers, but my journey presents articles that make you aware of the exact and meaningful situations of Himachal’s politics, ground issues related to the public, business, tourism and the difficult geographical conditions of the state and financial awareness. DiaryTimes, full of the experience of my precise editorial expertise, is awakening the flame of credible journalism among all of you, so that the eternal flame of meaningful change can be lit in the life of the people of the state and the atrocities being committed against the people can be brought to the fore, I am motivated for that. If even a small change comes with the power of my journalism and the whole world becomes a witness to that issues, then I will consider myself fortunate.
