Prosecutors are asking a judge to reject bail for a wealthy self-exiled Chinese businessman charged in a $1 billion fraud, saying he's already breaking jail rules, and can flee or do harm even if freed on the most stringent bail conditions.
FILE - In this courtroom sketch, Guo Wengui, seated center, and his attorney Tamara Giwa, left, appear in federal court in New York, March 15, 2023. Lawyers for the wealthy self-exiled Chinese businessman who developed ties to Trump administration figures including Steve Bannon are seeking bail for him two weeks after his arrest, saying other defendants accused of massive frauds like Bernard Madoff and Sam Bankman-Fried were freed on bail.
The lawyers said Guo would not flee, in part because if he left the United States, Chinese authorities would make sure he faced “intolerable risks to his life." They said strict bail conditions could ensure he was no harm to others. He said his Greenwich, Connecticut estate, which he valued at $9 million, was owned by his wife; his Manhattan penthouse was owned by his son; and his monthly expenses of about $100,000 were paid by his family, prosecutors said.
As for his claims of near poverty, the government reported that federal agents found over $500,000 in U.S. currency, foreign currency and gold coins in one of his homes — and said that a fugitive in the case who is believed to be living in the United Arab Emirates has access to millions of dollars to help Guo and his family flee.
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