Chinese billionaire Guo Wengui aka Miles Kwok, and his associate Steve Bannon are recently set to face trial in 2024 on charges related to a fraud conspiracy.
Exiled Chinese billionaire Guo Wengui, who has been charged by U.S. prosecutors in a $1 billion fraud conspiracy, is scheduled to go to trial in April. U.S. District Judge Analisa Torres set the trial date during a hearing in New York City. Additionally, Judge Torres granted Guo’s request for access to a government-provided computer to review the evidence against him.
Guo was arrested by federal authorities in March based on allegations that he defrauded thousands of online followers out of more than $1 billion. Prosecutors claim that Guo promised his followers significant financial returns but instead used the funds to support his extravagant lifestyle. The alleged fraudulent scheme is said to have occurred between 2018 and March of the current year.
According to prosecutors, the U.S. government has seized $634 million in alleged fraud proceeds from 21 bank accounts. Additionally, law enforcement officials have confiscated assets, including a Lamborghini Aventador SVJ Roads, which were purchased using the profits from the purported fraud scheme.
Prosecutors stated that Guo, aged 52, has been residing in the U.S. since approximately 2015 and has gained a significant following online.
Guo is known to be a business associate of Steve Bannon, a former adviser to the Trump White House, who was arrested on his yacht in August 2020 in connection with a fraud case. Former President Donald Trump later pardoned Bannon in 2021.
In court documents, Guo, charged under the name Ho Wan Kwok but also known as Miles Guo and Miles Kwok, has pleaded not guilty to 11 charges, including wire fraud, securities fraud, bank fraud, and money laundering.
Guo’s attorney, Stephen Cook, has not provided an immediate response to a request for comment as of Wednesday.
Since his arrest, Guo has remained in custody without bail. In an attempt to secure his release, Guo’s lawyer, Stephen Cook, stated in a court filing that Guo would stay in the country if granted bail due to concerns for his safety.
Cook argued in court documents that Guo is not a flight risk as his wife of 38 years and daughter reside in the U.S.
In April, Judge Torres denied Guo’s proposed $25 million bail package, asserting that he should remain in jail until the trial because he possesses the means and knowledge to flee, according to court records.
Despite the confiscation of Guo’s two passports and copies of another passport by law enforcement, Torres noted that a resourceful defendant with sufficient resources could find a way to leave the country without travel documents.
Torres deemed Guo’s proposed bail package inadequate, citing his bankruptcy filing and claim of possessing only $10,000 in assets. The judge also mentioned that Guo failed to identify a co-signer with adequate means and ties to the U.S. for his bond.
Last month, Guo appealed the judge’s decision.
