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The other side of the ocean is not lawless! Fugitive Guo Wengui will be tried in Manhattan on Friday

TraderKnows
TraderKnows
05-24

Guo Wengui, who fled China and has been in custody in the United States since his arrest last March, is expected to go to trial this Friday.

A trial for exiled Chinese businessman Guo Wengui (Miles Guo) on fraud charges is slated to begin Friday in Manhattan, with prosecutors delivering opening statements alleging he defrauded investors and clients of more than $1 billion through a fake business empire.

U.S. District Judge Analisa Torres will first complete jury selection to hear the federal prosecutors' case, which accuses Guo of leveraging his extensive network and hundreds of thousands of followers to raise funds, subsequently using the money for a lavish lifestyle for himself and his family.

Guo Wengui, also known as Guo, Miles Kwok, and Ho Wan Kwok, has been detained in Brooklyn since his arrest in March 2023.

His defense team is also expected to give their opening statements on Friday.

Prosecutors allege that beginning in 2018, Guo promoted financial opportunities in Mandarin videos, offering investments in his media company, a purported cryptocurrency project, and a farm loan scheme, along with the launch of a so-called membership club providing concierge services.

Prosecutors claim Guo misappropriated these funds to purchase a mansion in New Jersey, a yacht, several luxury cars, and other expensive items, including two mattresses valued at $36,000 each.

Guo faces twelve charges, including fraud, extortion, conspiracy, and money laundering, in this trial, which could last until July.

This Beijing critic had been a business partner of Steve Bannon, a former advisor to former U.S. President Donald Trump.

Bannon was arrested in 2020 in a separate fraud case while aboard Guo's $37 million yacht, the "Lady May." That case ended after Bannon was pardoned in the final days of Trump's presidency. At the time, Bannon denied any wrongdoing.

Guo left China in 2014 following an anti-corruption campaign. Chinese officials accused him of bribery, money laundering, and other crimes, which he denied.

After moving to the United States, Guo bought property in Manhattan's luxurious Sherry-Netherland building on Fifth Avenue and attracted a large following by criticizing the Chinese government and accusing its leaders of corruption.

At Beijing's request, Interpol issued a "red notice" for Guo in April 2017.

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