US court orders exiled Chinese billionaire Guo Wengui to face fraud indictment
- A judge said prosecutors sufficiently alleged that Guo engaged in a pattern of racketeering through four fraud schemes
- The businessman is accused of defrauding thousands of investors out of more than US$1 billion
US District Judge Analisa Torres in Manhattan said prosecutors sufficiently alleged that Guo engaged in a pattern of racketeering through four fraud schemes, and that proving it was a matter for trial.
Lawyers for Guo did not immediately respond to requests for comment after business hours.
Guo has pleaded not guilty to 12 criminal charges that included securities fraud, wire fraud, unlawful monetary transactions and conspiracy, including for money laundering.
According to the indictment, Guo and his accomplices defrauded investors in a media company, cryptocurrency and other ventures.
The indictment said Guo took advantage of his prolific online presence and hundreds of thousands of followers by promising outsize financial returns and other benefits.
