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Reuters

A US appeal court in Manhattan on Wednesday said the exiled Chinese businessman Guo Wengui should remain in jail while he awaits trial over an alleged fraud that federal prosecutors have said exceeds US$1 billion.
The 2nd US Circuit Court of Appeals said it did not have a “definite and firm conviction” that a trial judge erred in rejecting Guo’s proposed US$25 million bail package.
Lawyers for Guo did not immediately respond to requests for comment.

Guo, a critic of China’s Communist Party and business associate of former US President Donald Trump’s one-time adviser Steve Bannon, has been jailed in Brooklyn since his March arrest. His trial is scheduled for April.
Prosecutors have said Guo defrauded thousands of followers who invested in a media company, cryptocurrency and other ventures, and spent some proceeds on luxuries including a US$37 million yacht, a US$3.5 million Ferrari and a New Jersey mansion.
Also known as Ho Wan Kwok and Miles Kwok, Guo has pleaded not guilty to 11 charges including securities fraud, wire fraud and concealing money laundering.
Chinese exile Guo Wengui ordered to pay US$134 million in US yacht case
In denying bail, US District Judge Analisa Torres on April 20 said prosecutors had established that if released Guo would be a serious flight risk and pose a danger to the community, and that there was no assurance he would appear in court.
Lawyers for Guo argued that he was not a flight risk, and that the Manhattan district court had released the late swindler Bernard Madoff and FTX cryptocurrency exchange founder Sam Bankman-Fried on less restrictive bail terms than Guo proposed.


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Guo Wengui

No bail for exiled Chinese businessman Guo Wengui

Chinese businessman Guo Wengui holds a news conference in New York in November 2018. Photo: Reuters

Guo Wengui appears in New York in March on charges of leading a complex conspiracy to defraud online followers out of more than US$1 billion. Courtroom sketch: Jane Rosenberg via Reuters

Chinese tycoon Guo Wengui seeks US$25 million bail, says he’d be worse off if he fled New York

Chinese billionaire Guo Wengui. Photo: AFP

Inside exiled Chinese billionaire Guo Wengui’s ‘mysterious’ life: once one of China’s richest men, the business tycoon fled the country and has ties to Donald Trump – but was just arrested for fraud

Guo Wengui was a billionaire in China before he fled the country and moved to the US. Photos: Handout; Reuters

Billionaire businessman Guo Wengui speaks during an interview in New York City, US, in April 2017. Photo: Reuters

Exiled businessman Guo Wengui was arrested in his New York penthouse home last week by the FBI. Photo: Handout

Guo Wengui is one of China’s most controversial billionaires. Photo: Handout

Guo Wengui was once one of the richest men in China. Photo: Handout

Guo Wengui was a major property investor in China. Photo: Handout

Former White House chief strategist Steve Bannon (L) greets fugitive Chinese billionaire Guo Wengui before introducing him at a news conference in November 2018, in New York. Photo: AFP

Guo Wengui’s origins are shrouded in mystery. Photo: Handout

Billionaire businessman Guo Wengui speaks during an interview in New York, US, in April 2017. Photo: Reuters

Steve Bannon, former White House chief strategist, speaks at the Conservative Political Action Conference (CPAC) at Gaylord National Convention Centre in National Harbour, Maryland, US, on March 3. Photo: Reuters

Fugitive Chinese billionaire Guo Wengui holds a news conference in November 2018, in New York, on the death of tycoon Wang Jian in France in July 2018. Photo: AFP

A courtroom sketch of Guo Wengui as he appears on charges of leading a complex conspiracy to defraud his online followers out of more than US$1 billion at a courthouse in New York, US, on March 15. Photo: Reuters

Chinese exile Guo Wengui offers ‘Lady May’ yacht to creditors in bankruptcy

Businessman Guo Wengui speaks during an interview in New York in April 2017. Photo: Reuters

Steve Bannon, former adviser to ex-US president Donald Trump, speaks to members of the media while departing from federal court in Washington in March. Photo: Bloomberg

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A US appeal court said he should remain in jail while awaiting trial for allegedly defrauding investors of a total of over US$1 billion
Prosecutors say Guo spent some of the money on luxuries, including a US$37 million yacht, a US$3.5 million Ferrari and a New Jersey mansion


A US appeal court said he should remain in jail while awaiting trial for allegedly defrauding investors of a total of over US$1 billion.


No bail for exiled Chinese businessman Guo Wengui

A US appeal court said he should remain in jail while awaiting trial for allegedly defrauding investors of a total of over US$1 billion Prosecutors say Guo spent some of the money on luxuries, including a US$37 million yacht, a US$3.5 million Ferrari and a New Jersey mansion

A US appeal court said he should remain in jail while awaiting trial for allegedly defrauding investors of a total of over US$1 billion

Prosecutors say Guo spent some of the money on luxuries, including a US$37 million yacht, a US$3.5 million Ferrari and a New Jersey mansion