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washington [US]AsiaNews, April 21 (Xinhua) — Chinese billionaire Guo Wengui was denied bail by a New York federal judge Thursday (local time) on charges of fraud and money laundering, The Wall Street Journal (WSJ) reported.
The exiled businessman and outspoken critic of Beijing was denied bail last month after being charged with fraud by the United States. Guo left China in 2014 amid President Xi Jinping’s anti-corruption crackdown.
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Guo, who drew attention for accusing Beijing of corruption from his Manhattan penthouse, was arrested last month and charged with a $1 billion fraud scheme, The Wall Street Journal reported.
Guo and his financial advisor, Kin Ming Je, are accused of plotting to defraud thousands of victims. The pair allegedly used more than $300 million in proceeds to benefit themselves and their families, according to the indictment.
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However, Guo has pleaded not guilty and offered to be held under 24-hour guard and GPS monitoring at his wife’s Connecticut home, according to US News.
The judge called his proposed bail package insufficient, noting that he had filed for bankruptcy and that he had “the means and knack of escape”.
U.S. District Judge Annalisa Torres said prosecutors have shown that Guo Wengui is likely to be a serious flight risk and there is clear and convincing evidence that if he is released, he will be a serious threat to the community, U.S. News reported. cause economic harm.
Torres also said Guo’s “obstructive conduct” in the criminal case — including falsely claiming he had only $10,000 in assets — and in the civil and bankruptcy proceedings left her without “reasonable assurance” that he would comply with any bail conditions.
Federal prosecutors in the U.S. Attorney’s Office in Manhattan accused him of using the hundreds of thousands of followers he had amassed online to solicit investment in a cryptocurrency he developed, a media company and other ventures.
Guo’s proposed bail package — bonds totaling $25 million, of which $5 million would be secured by cash or real estate — was “inadequate,” the judge said, noting he filed for bankruptcy and claimed only $10,000 in assets.
Although Guo offered to have his bond signed by two adults, including a relative, his family was accused of being “recipients of fraudulent proceeds,” Torres said. Guo has yet to identify a co-signer — one with sufficient net worth and ties to the U.S. — Torres said.
Prosecutors said he spent some of the proceeds on luxury purchases, including a $26 million home in New Jersey, a yacht and a Ferrari, according to The Wall Street Journal.
Guo is also a business partner of former Donald Trump adviser Steve Bannon, who was arrested for fraud in 2020 while aboard Guo’s yacht. The former US president later pardoned Bannon. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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